95-octane consumption up 400%: Misr Petroleum

CAIRO – 26 July 2017: Consumption rates of fuel 95-octane soared 400 percent after latest fuel price hikes, chairman of state-owned Misr Petroleum Mohamed Shabaan said Wednesday.

Expecting the usage rate of 95-octane to double over the coming period, Shabaan said this is met by a reduction in 92-octane consumption.

The daily gasoline supplies stand at 6 million liters of 80-octane, 2 million liters of 92-octane and 12 million liters of diesel, he noted.

In late June, new fuel prices were announced as the price of 80-octane gasoline soared from LE 1.60 ($0.08) to LE 3.65 ($0.20) per liter, while 92-octane increased from LE 3.50 ($0.19) to LE 5.00 ($0.28) per liter.

Price of 95-octane was raised from LE 6.25 to LE 6.60, to be completely unsubsidized by the government.

The near prices per liter between 95-octane and 92-octane may contribute in shifting the consumption to the higher octane fuel, which may result in decreasing fuel subsidies on the long run, deputy head of the Egyptian General Petroleum Corporation (EGPC) Khaled Osman said in a statement earlier this month.

Before adopting the economic reform program in 2014, the price of 92-octane was LE 2.60, while 95-octane was LE 5.85.