An official at the Egyptian Ministry of Petroleum stated to Egypt Oil&Gas that the ministry has spotted 10% increase in local usage of fossil fuel across all the governorates.

The ministry’s official said that the Egyptian General Petroleum Corporation (EGPC) would continue providing the market with 1.1m tube of butane gas, 18,000 tons of gasoline, and 36,500 tons of diesel fuel per day.

According to the official, the 10% usage increase has lowered government’s strategic petroleum reserves. However, he affirmed that the ministry has enough reserves of oil and gas to cover Egyptians’ needs in local markets.

Meanwhile, the Egyptian cabinet confirmed that Egypt’s petroleum based products are to be exempted from the value-added tax (VAT), which is yet to be presented to the parliament. Egypt’s fuel will not witness any price hikes over IMF loan negotiations.