Figures released by the Ministry of Finance show that transfers to EDL witnessed a significant yearly increase of 41.44% to reach $ 1.63B by November 2018.
In details “Payments to fuel and oil gas suppliers KPC and SPC” (which grasped 98.85% of the total amount) climbed by 47.05% to $ 1.61B by November 2018. This rise was mainly driven by a 36.52% higher average prices of crude oil from $52.90/barrel by November 2017 to $72.22/barrel by November 2018 and higher Volume of imported fuel oil and gas oil by 5.60% and 12.20% respectively, during the same period .
Transfers to Electricity Syria in Jan‐Nov 2018 were 72.93% lower than the amount paid in Jan‐November 2017 and reached $12.67M by November 2018.
Furthermore, EDL contributed 0.3% from a total oil bill of $1.61B in Jan‐Nov 2018, down from from its previous share of 2.20% from a total oil bill of $1.12B, in same period of 2017.
Out of the government’s primary expenditures, which reached $11.24B in the period Jan-November 2018, EDL transfers represented a share of 14.5% of the total compared to a share of 13% by November 2017 out of a total oil bill of $7.67B.
Contribution of EDL in the Total Oil Bill by November