Morocco's oil imports up 77.4% as at April
Morocco, Economics, 6/2/2005

Morocco's crude oil imports stood at MAD 6.36 billion (nearly US$ 748 million) in January-April 2005, compared to MAD 3.58 million worth of imports in the same period of 2004, i.e. up 77.4%.

The "Office des Changes," Moroccan authority in charge of supervising exchange rates and flows, ascribes the progression to the rise of oil prices in the world market. Crude oil prices flared up 38.5% to stand at MAD 2,836 per ton compared to MAD 2,048 in 2004.

Crude oil prices skyrocketed 53.7% in April 2005 to reach MAD 3,176 per ton compared to MAD 2,067 a year before.

"Office des Changes" says points out that Morocco imported 2.24 million tons in Jan-April 2005, compared to 1.75 million tons during the same period of 2004.

Energy products imports flared up 47.7% in the same period of 2005 to reach MAD 10.25 billion compared to MAD 7 billion in the same period of 2004.

The share of energy products in the total imports augmented by 4.8% to reach 18.5% at the end of March compared to 13.7% at the same period in 2004.

In order to starve off the adverse impact of the persisting upsurge of oil price, which stands presently at USD 50/brl and might generate a deficit for the year 2005 that could reach MAD 6.3b (USD 74m), the Moroccan government increased the price of gas and some oil by-products on May 16.

The increase was as follows: MAD 9.85/litre for gas (USD 1.12), and MAD 6.46/litre for diesel (USD 0.73).

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