L.E 15 billion allocated to subsidize oil products this year

Egyptian Minister of Petroleum Sameh Fahmy said the oil products will be subsidized this year by LE 15 billion as a result of prices difference between the local and international ones in addition to the current high dollar exchange rate.

The minister categorically denied intention to raise the products' prices despite the increasing local consumption that hit last year about 40 million tones.

"On the other hand, petroleum exports dropped in May to $ 134.25 million from $ 141.03 million in April and $ 117.17 million in May the previous year," a monthly economic bulletin by the Cabinet Information and Decision Support Centre (IDSC) said.

The bulletin said petroleum production dropped to 2,853 tons in May, including condensates, from 3,000 tons in April and 3,120 in May 2000.

Petroleum consumption rose to 1,840 tons in May from 1,800 tons in April and 1,827 tons in May 2000.

Gas production rose in May to 1,635 tons from 1,550 tons in April and 1,279 tons in May the previous year.

"Gas consumption also surged to 1,632 tons in the corresponding period from 1,548 tons in April and 1,272 in May 2000," the IDSC monthly bulletin said.