Transfers to EdL for the first 10 months of 2014 showed a 9.3% year-on-year (y-o-y) drop to $1.63B. This was mainly due to the fact that international prices of oil fell by a yearly average of 0.05% by, triggering down the payments of debt services as well as the reimbursements to fuel oil and gas oil suppliers KPC and Sonatrach. In fact, the former was slashed by 52.4% y-o-y to 19.94M, while the latter declined by an annual 8.3% to $1.61B.
The imported quantity of gas oil covering consumption for the period between May 2013 and May 2014 and paid between Jan-Oct 2014 was 19.5% less than that imported between May 2012-June 2013 and paid between Jan-Oct 2013. In contrast, the quantity of fuel imported between August 2013 and May 2014 and disbursed in Jan-Oct 2014 was 19.18% higher than those imported in July 2012-Aug 2013 and paid in Jan-Oct 2013.
By October 2014, EdL contributed 3.2% of the total oil bill worth $1.66B compared to a slightly lower contribution of 2.7% in the total oil bill of $1.80B for the same period in 2013.
During the same period, transfers to EdL represented 21.1% of the government’s primary expenditures, a slight decline from the 21.8% paid in 2013.
Contribution of EDL and Ministry of Finance (MoF) in the Total Oil Bill by October
Source: Ministry of Finance