Misr Petroleum Company will add 60 new fuel stations in fiscal year (FY) 2017/2018, sources at the Ministry of Petroleum and Natural Resources told Amwal Al Ghad.

The company will invest EGP 300 million to accomplish this objective.

The company currently distributes and sells 1.8 million liters of 92 octane gasoline per day. Sales of 92 octane gasoline have fallen since the June price hike as customers have shifted to 95 octane gasoline. Prior to the recent price hike, Misr Petroleum sold 2 million liters of the 92 octane variety per day.

Sales of diesel and 80 octane gasoline have remained stable at 15 million liters and 6 million liters per day.

Misr Petroleum has 1,300 fuel stations across the country.

In June, Egypt cut fuel subsidies in order to ease the budget deficit. The Prime Minister, Sherif Ismail, said that economic reform decisions on the part of the state could no longer be delayed, according to Al Ahram. The decision led to an increase in gasoline and diesel prices.