Transfers to EDL Drop to $524.84M in Q1

Transfers to EDL stood at $524.84M in the first quarter (Q1) of 2014, falling by 8.25% from the same period last year.

This was mainly driven by lower payments to the two oil suppliers KPC and SPC, which dropped by 7.56% year-on-year (y-o-y) to $517.19M in Q1 2014.

 The imported quantity of gas oil, covering the consumption of May-November 2013 and paid for in Q1 2014, was 3% lower than the consumption period of May-October 2012 and paid for in Q1 2013. In contrast, the imported quantity of fuel oil, covering the consumption of August-October 2013 and paid for in Q1 2014, was 5% higher than the consumption period of July-October 2012 and paid for in Q1 2013. Moreover, the average price/barrel went up slightly from $109.30 in Q1 2013, to $109.50 in the same period of 2014.

By March 2014, EDL contributed 1.89% in the total oil bill of $527.14M compared to a contribution of 2.32% in the total oil bill of $572.76M by March 2013.

In Q1 of 2014, transfers to EDL represented a share of 21.98% in total primary expenditures compared to 25.60% in the same period last year.

 

 

Contribution of EDL and Ministry of Finance MoF in the Total Oil Bill in Q1 (in $M)

Transfers to EDL Drop to $524.84M in Q1

Source: Ministry of Finance

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