Egypt has announced a global tender to import approximately 740,000 tons of petroleum products for delivery in August. The tender includes 400,000 tons of diesel, 170,000 tons of gasoline, and 170,000 tons of butane.

Egypt consumes around 12 million tons of diesel and 6.7 million tons of gasoline annually. Any increase in its oil production or refining activity is expected to reduce its petroleum product import bill.

The Egyptian General Petroleum Corporation (EGPC) has increased the volume of imported gasoline in August by nearly 90% compared to the average of the first five months of the year, driven by rising demand and consumption during the summer months.

In its semi-annual economic performance report, Egypt raised its oil price estimate for the current fiscal year’s budget by 6.25% to $85 per barrel. The country allocated approximately 154.499 billion Egyptian pounds ($4.9 billion) to subsidize petroleum products in the current fiscal year 2024-2025, compared to 119.19 billion pounds in the previous fiscal year, representing a 29.4% increase.

Egypt doubled its fuel oil imports in July to meet the growing needs of power plants. The country purchased 600,000 tons of fuel oil worth $360 million to ensure adequate fuel for power generation.

This increase in imports comes as Egypt seeks to reduce its petroleum product import bill by increasing domestic oil production and developing its refining sector.