CAIRO, Egypt: Smuggling, black markets, high prices and rumor-spreading about a lack of Petrol 80 “caused the current crisis of Petrol 80 in Egyptian markets,” said First Undersecretary of the Ministry of Petrol Mahmoud Nazeem. "Some resellers hoarded Petrol 80 in order to sell it later at higher prices, which exacerbated the crisis,” said Nazeem. "The General Authority for Petrol is providing Petrol 80 regularly and covering all Egyptian markets needs," he continued. Nazeem added that the Petrol 80 producing process is stable and is not suffering during this crisis. "Egypt increased its Petrol 80 production to reach 2.7 million tons annually and consumption reached 230,000 tons monthly compared to last year's consumption of 250,000 tons," he added. The Petrol 80 production rate ranges from 200,000 to 280,000 tons monthly in Egypt. Petrol 90, 92 and 93 do not suffer because Petrol 80 is the most popular variety in Egypt. All Petrol varieties are produced locally. Egypt imports a small percentage of petrol 95.
