Consumption of gasoline and diesel fell during the first quarter of fiscal year (FY) 2017/2018, according to the Minister of Petroleum and Natural Resources, Tarek El Molla, Amwal Al Ghad reports.
Gasoline consumption declined by 4.2% while consumption of diesel fell by 7.1%, according to Amwal Al Ghad.
“It [gasoline consumption] reached 1.872 million tons in three months as of September 30 compared with 1.955 million tons the previous year,” El Molla told Reuters. Consumption of diesel declined from 3.680 million tons to 3.419 million tons over the same time period.
Egypt has, historically, subsidized its fuel prices. As part of a $12 billion stabilization loan from the International Monetary Fund (IMF), it has committed to enact a series of economic reforms, including the slashing of its fuel subsidies. Over the past year, the government has raised fuel prices twice.
In a September review of Egypt’s reform program, the IMF called for further fuel subsidy cuts.