Egypt’s fuel imports value increases to $4bn within 4 months

Last updated: July 9, 2018 6:48 pm

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A worker holds up a fuel pump nozzle after filling up the tank of a car at a petrol station in Cairo October 3, 2012. Egypt is holding off on reform of its costly state energy subsidy regime until it completes more studies and holds a "social dialogue" on the issue, Osama Kamal, the country's oil minister told Reuters. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: TRANSPORT BUSINESS POLITICS) - RTR38R9V

Egypt’s fuel imports value rose to about $4bn from January to April 2018, compared to $3.9bn during the same period in 2017—an increase of $124m.

The Central Agency for Public Mobilisation and Statistics (CAPMAS) reported that the value of the country’s crude oil imports during the first four months of the year amounted to $1.15bn, compared to $500m during the same period of 2017—an increase of $649m.

The CAPMAS report pointed out that petroleum product imports fell during the aforementioned period in 2018 to $930m, compared to $1.2bn in 2017—a decline of $335m.

In terms of the value of coal imports, they amounted to about $191m within the first four months of 2018, compared to $101m in the same period of 2017—an increase of $89m.

The Ministry of Petroleum aims to raise its total daily production of crude oil and condensates during the first months of next fiscal year to 36m tonnes, equivalent to 705,000 barrels, to support the refining industry and reduce imports.