Transfers to EDL Dropped yearly by 2.86% to stand at $717M in H1 2019

According to the Ministry of Finance, transfers to EDL witnessed a yearly drop of 2.86% to reach $ 717.35M in H1 2019.

In details “Payments to fuel and oil gas suppliers KPC and SPC” (which grasped 99.80% of the total amount) decreased yearly by 0.78% to $715.89M by June 2019. This decrease can be mainly attributed to the 5.04% yearly retreat in average prices of crude oil to $66.79 /barrel in the first 6 month of 2019 and lower Volume of imported fuel oil by 7.93% by June 2019 comparing to the same period last year. However, the volume of imported Gas oil increased yearly by 12.05% in H1 2019.

Furthermore, EDL contributed 0.4% from a total oil bill of $719M by June 2019.  This figure was similar to that related to the same period of 2018 out of a higher bill of $724M. However, In nominal terms, EDL’s contribution was lower in Jan‐June 2019, amounting to $2.87M, compared to $3.19M during  the same period in 2018.

EDL transfers represented a share of 13.2% of the government’s primary expenditures, which reached $5.44B in H1 2019, compared to a share of 12.1% in H1 2018.

Transfers to EDL Dropped yearly by 2.86% to stand at 7M in H1 2019

Source : MOF

 

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