Egypt’s fuel imports saw an 11.8% year-on-year (YoY) increase during the first nine months of 2024, climbing to $10.5 billion from $9.4 billion, a government official revealed to Al Arabiya Business.

In September, the Egyptian General Petroleum Corporation (EGPC) secured a $1.2 billion deal to import petroleum products, aiming to meet rising fuel demand across several sectors.

The official noted that Egypt’s petroleum import bill exceeded $5 billion during the January-September period, with fuel imports covering 30% to 35% of the country’s petroleum product consumption in the same timeframe.

Looking ahead, the Ministry of Petroleum plans to reduce this import percentage starting in 2025. The official attributed the recent surge in fuel imports to the increased use of imported mazut and liquefied natural gas (LNG) by electricity stations.

Additionally, the Ministry is allocating significant fuel quantities to support ongoing national projects and newly completed industrial ventures requiring substantial energy resources.