50% decrease in Egypt’s petrol imports

31

The Egyptian Ministry of Petroleum confirmed, on Saturday, that the country’s petrol imports decreased by 50 per cent, announcing that Egypt used to import 3 million tonnes of gasoline before it dropped to 1.5 million.

The Egyptian Minister of Petroleum and Mineral Resources, Tarek el-Molla, said during the inauguration of national projects that the decline in petrol imports is due to the implementation of several projects in the sector, in addition to rationalising consumption, correcting pricing, and rationalising subsidies. The Egyptian minister explained that petrol consumption volume decreased to 6.6 million tonnes due to the corona pandemic, indicating that Alexandria provides 35 per cent of the petrol and diesel needs nationwide.

Observers say that the main reason for the decline in gasoline import rates is a noticeable decline in the country’s consumption, as citizens refrain from buying it because of its high cost and their inability to pay for it. The Egyptian government raised fuel prices in the country in an unprecedented way as part of steps to lift subsidies on petrol and fuel prices, as part of the economic plan imposed on it by the International Monetary Fund, from which it obtained a $12 billion loan.