Egypt witnessed a 10% drop in the sale of 92-octane gasoline during July 2017, Mohamed Shaban, Chairman of Misr Petroleum Company, said on August 6th, according to Amwal Al Ghad.
Misr Petroleum’s sales fell to 1.8 million liters from the 2.0 million liters it distributed prior to the June’s price increase, a 10% drop in volume.
The price increase did not impact all gasoline products equally. Consumption of 95-octane gasoline rose 400% during the same time period.
According to Shaban, Misr Petroleum has a market share of 33%. He noted that “[t]he company seeks to boost its petroleum sales to 38 billion pounds within the financial year 2017/2018, compared with 33 billion pounds during the financial year 2016/2017.”
In late June, Egypt’s cabinet cut fuel subsidies to ease the government’s budget deficit. The decision led to an increase in gasoline and diesel prices. According to Egyptian Prime Minister Sherif Ismail, as reported in Al Ahram, the economic reforms could no longer be delayed.