Imports forecast to account for up to 30% of Colombia fuel use

Bnamericas Published: Friday, January 20, 2023
Imports forecast to account for up to 30% of Colombia fuel use

Colombia will have to import 20-30% of fuel to cover demand this decade, according to an outlook from local petroleum association ACP.

In 2022, the country imported a daily average of 59,600b of gasoline, 30,300b diesel, 2,400b jet fuel and 600b ethanol, representing 27% of total consumption.

The association added, however, that gasoline and jet fuel imports are due to fall this year with the full startup of an expansion at the Cartagena refinery.

Regarding demand, offtake in the coming years is projected to grow 2.5%/y.

“These increases in consumption are mainly linked to the country's economic growth (estimated 3% per year), the expected growth in air transport, the expectation of expansion of the vehicle fleet and the increase in land transport of cargo (in part, due to the opening of the border with Venezuela); but slowed down based on energy diversification,” ACP said.

And although the association highlights the penetration of electromobility and other alternatives such as vehicular gas, its expectation is that vehicles powered by gasoline and diesel will account for around 90% in 2032.

ACP’s report, available here, added that planned fuel sector investment this year reaches 3.3tn pesos (US$706mn), the bulk of which will go to refinery maintenance and transport infrastructure.

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