Transfers to EdL, for the first 3 quarters of 2014, showed an 11.53% year-on-year (y-o-y) drop to $1.49B. This was due to the 10.48% y-o-y decline in payments to fuel oil and gas oil suppliers KPC and Sonatrach to $1.47B.
In details, the imported quantity of gas oil covering consumption for the period between May 2013 and March 2014 and paid for between January and September 2014 shrank by 22%, while payments for fuel oil, during the same period, covering consumption between August 2013 and May 2014 edged up by 16%. Moreover, the average price per barrel of crude oil ticked down by 0.41% to $109.10 for payments made in the first nine months of 2014.
By August 2014, EdL contributed 3.40% of the total oil bill of $1.52B, compared to a lower contribution of 2.5% of a higher oil bill, of $1.69B, for the same period in 2013.
Transfers to EdL represented 21.2% of the government’s primary expenditures, compared to a higher share of 22.3% in 2013.
Total Oil Bill and EdL Contributions by September
Source: Ministry of Finance