The President of the Republic revealed these figures during his traditional speech to the nation on 31 December 2022.
The Hydrocarbons Prices Stabilization Fund, which supports the subsidy of domestic gas prices, has invested a lot of money to keep domestic gas prices unchanged in 2022. As of 30 September 2022, the overall amount to support the price of this product for the benefit of the population amounts to 42.4 billion CFA francs. This is at least what emerged from the 50th ordinary session of the Board of Directors of the Hpsf which took place on 30 December 2022. Over the whole year, this envelope amounted to CFAF 75 billion, according to figures contained in the speech of the President of the Republic on 31 December 2022.
Clearly, over the last three months of the year, the Hpsf had to disburse 32.5 billion CFA francs to ensure that the price of domestic gas remained unchanged. Overall, this amount is up by FCFA 5 billion compared to the forecasts made by the Minister of Commerce at the end of March 2022. At the time, the member of the government had estimated the annual cost of this subsidy at CFAF 70 billion.
As a reminder, at the end of September and throughout October 2022, households were faced with a major shortage of domestic gas. This situation opened the way to strong speculation on the price of this high-consumption product, fuelled by rogue traders. Despite this precarious situation, which, according to Véronique Moampea Mbio, Director General of the NSIF, was essentially due to administrative, financial or technical factors, Cameroon was nevertheless able to receive a shipment of 128,000 domestic gas cylinders in October 2022, which were sold at 6,500 per unit (approved price).