Egypt’s fuel imports up 11.8% YoY in 9 months
Updated 10/14/2024 10:04:00 AM
Arab Finance: Egypt’s fuel imports rose 11.8% year on year (YoY) during the first nine months of 2024, valuing at $10.5 billion from $9.4 billion, a government official told Al Arabiya Business.
Last September, the Egyptian General Petroleum Corporation (EGPC) secured a $1.2 billion deal to import petroleum products, aiming to meet the market’s demand for fuel across several sectors, the official noted.
He noted that the country’s petroleum products import bill exceeded $5 billion over the January-September period.
During the nine months to September, Egypt’s fuel imports accounted for 30% to 35% of the country’s consumption of petroleum products, each product separately, the official pointed out.
He added that the Ministry of Petroleum is planning to reduce this percentage as off 2025.
Moreover, he ascribed the increase in the fuel import bill over the past months to the increasing consumption of imported mazut and liquefied natural gas by electricity stations.
This is in addition to the petroleum ministry’s commitment to allocate new petroleum products to ongoing national projects and recently completed industrial projects that necessitate substantial fuel quantities.
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