92-octane petrol consumption rates declined 5% at Misr Petroleum during the two weeks that followed the petroleum product price hikes.
Sources at the company told Daily News Egypt that the company secures 2.1m litres of 92-octane petrol every day to its stations across the republic, but consumption dropped by about 100,000 litres per day.
The sources pointed to the company’s intention to establish a number of new fuel stations to provide petroleum products and meet the needs of citizens, especially as the company aims to increase sales of oils and lubricants by 10-15% in the coming fiscal year.
The government raised fuel prices on 16 June. The price of 92-octane petrol increased from EGP 5 to EGP 6.75, 80-octane petrol and diesel increased from EGP 3.65 to EGP 5.5, and natural gas for cars increased from EGP 2 to EGP 2.75.
Moreover, the price of 95-octane petrol increased to EGP 7.75 from EGP 6.6, butane cylinders from EGP 30 to EGP 50, and commercial butane cylinders from EGP 60 to EGP 100.
Misr Petroleum allocated EGP 155m to establish 160 gas stations in FY 2018/2019.
Hussein Fathi, president of Misr Petroleum, said in previous statements that the company has started to implement a development plan for a number of auto supply stations in the republic. The company now operates 1,350 stations.