Egypt’s Diesel Reserves to Cover 5 Days of Demand

Egypt’s Diesel Reserves to Cover 5 Days of Demand

Egyptian General Petroleum Corporation’s Chairman, Tarek El Hadidi, stated that Egypt has enough diesel stored to cover five days of local demand, with import cargos arriving regularly. He added that Saudi Arabia’s Aramco will supply Egypt with 12 diesel shipments on a monthly bases, reported Al Borsa News.

Egypt’s consumption of diesel is estimated at 40,000t/d. The government has not issued any instructions to increase selling prices for petroleum products, reported Daily News Egypt.

However, in related news, an economist told Al Shorouk newspaper that he expects diesel selling prices to increase by almost 39% to reach EGP 2.50 per liter within 2016, as the majority of fuel subsidies is directed towards diesel.

The Egyptian government began to reduce the energy subsidies in 2014 and as a result increased the price of gasoline 92 by 40%. The price of gasoline 80 was increased to EGP 1.60 per litre, compared to EGP 0.9 previously.

Sarah Samir 3287 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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