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Oil Sector

Oil importation accounts for 90.2% Of the country’s needs

According to the 2022 and 2023 Energy and Water Statistics from Statistics Mauritius, “in 2023, the total primary energy requirement (sum of imported and locally available fuels less re-exports and bunkering after adjusting for stock changes) was 1,537,622 tonnes of oil equivalent (toe), up by 3.5% from 1,484,976 toe in 2022. Imported fuels comprising, mainly, petroleum products (63.9%) and coal (26.3%) made up 90.2% (1,386,914 toe) of the total primary energy requirement in 2023. The remaining 9.8% (150,709 toe) was from local sources, namely, bagasse, hydro, wind, landfill gas, photovoltaic and fuelwood.”

For Mauritius, the main sources of oil imports are India, South Africa, China, and the United Arab Emirates. The main types of oil and fuel imported by Mauritius include MOGAS 95 RON, GAS OIL 50 ppm Sulphur, GAS OIL 2,500 ppm Sulphur (Marine Gas Oil), JET A-1, FUEL OIL 180 CST Catalytic Cracked, and FUEL OIL 380 CST Straight Run. JET A-1 is used for aviation purposes, a key component which sustains the tourism industry.

As oil is priced in US dollars, the depreciation of the Mauritian rupee against the US dollar in 2023 and 2024 has led to spikes in prices, as the cost of importing oil has risen due to the weaker local currency. When the local currency depreciates, the cost of purchasing the same amount of oil increases, leading to higher prices for consumers and businesses in Mauritius. In the future, Mauritius could consider South-South partnerships for some products from other oil producing countries of the African continent. The main producer being Nigeria, followed by Algeria, Libya, Angola, and Egypt.

The main players in the Mauritian oil sector include Vivo Energy Ltd, IndianOil (Mauritius) Ltd, TotalEnergies Marketing Mauritius Ltd and Engen Petroleum (Mauritius). Vivo Energy Ltd reported a turnover of Rs 17,581 million and a profit before tax (PBT) of Rs 545 million in 2023, compared to Rs 16,519 million turnover and Rs 605.2 million PBT in 2022. IndianOil (Mauritius) Ltd reported a turnover of Rs 12,320.3 million and a PBT of Rs 205.8 million in 2023, compared to Rs 13,233.4 million turnover and Rs 38.27 million PBT in 2022. TotalEnergies Marketing Mauritius Ltd achieved a turnover of Rs 11,843 million and a PBT of Rs 324.8 million in 2023, compared to Rs 10,297 million turnover and Rs 444.25 million PBT in 2022. Engen Petroleum (Mauritius) Limited reported a turnover of Rs 10,761.7 million in 2023, with no available PBT figure, compared to Rs 14,643.92 million turnover and Rs 67.47 million PBT in 2022.

Ranking Bank name Turnover 2022 (Rs/Million) Profit/Loss 2022 (Rs/Million) Turnover 2021 (Rs/Million) Profit/Loss 2021 (Rs/Million) Financial year
1 Vivo Energy Ltd 17,581.00 545 16,519.00 605.2 Dec-23
2 Indian Oil Mauritius Ltd 12,320.30 205.8 13,233.40 38.27 Mar-24
3 TotalEnergies Marketing Mauritius Ltd 11,843.00 324.8 10,297.00 444.25 Dec-23
4 Engen Petroleum Mauritius Limited 10,761.70 n/a 14,643.92 67.47 Dec-23

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