Cairo – Mubasher: Egypt’s gasoline consumption dropped 4.2% in the first quarter of fiscal year 2017/2018, petroleum minister Tarek El-Molla told Reuters.
Meanwhile, diesel consumption declined 7.1% in over the same period, El-Molla added.
Gasoline consumption stood at 1.872 million tonnes in the three-month period ended September, versus 1.955 million tonnes in the prior-year period, he highlighted.
Diesel consumption amounted to 3.419 million tonnes in Q1 of FY17/18, compared to 3.680 million tonnes in Q1- of FY16/17, he added.
In June 2017, Egypt decided to raise the prices of petroleum materials and cut its subsidy.
In May, El Molla said that the cost of subsidising petroleum materials surged 90.2% year-on-year in the nine months ended March 2017, due to the liberalisation of the exchange rate.
