Egypt gasoline consumption fell 4.2% in July–Sept

CAIRO (Reuters) — Gasoline consumption in Egypt fell by 4.2% and diesel consumption by 7.1% in the first quarter of the 2017–2018 fiscal year, which began in July, the oil minister said.

Egypt has raised fuel prices twice since last November, when it signed a $12 B International Monetary Fund program that includes a raft of reforms aimed at boosting economic growth.

"It [gasoline consumption] reached 1.872 MMt in 3 mos as of Sept. 30 compared with 1.955 MMt the previous year," Oil Minister Tarek El Molla told Reuters.

Diesel consumption in the same period was 3.419 MMt compared with 3.680 MMtpy before, Molla added.

Egypt is trying to cut energy subsidies to narrow its gaping budget deficit as part of the 3-yr IMF deal. It hiked fuel prices by up to 50% in June and electricity by up to 42% the following month.

Reporting by Abdelrahman Adel; Writing by Arwa Gaballa; Editing by Larry King and Mark Potter

Related News

From the Archive

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}