Cairo – Mubasher: Egypt's minister of petroleum Tarek el Molla said on Saturday that the country's petroleum consumption bill amounts to $800 million monthly, or around $10 billion annually.

These figures are likely to rise to $900 million to $1 billion due to the rise of global oil prices and the dollar versus the Egyptian pound, the minister said in a statement during the first monthly conference for the youth.

"We are working on increasing local output to reduce the gap between consumption and production and lessen pressure on the dollar," the minister said.

Petroleum and gas product consumption by the largest Arab country by population reaches 80 million tonnes, he revealed, adding that Egypt imports around 35% of this figure, or around 27 million tonnes.

By the end of the previous fiscal year, ended 30 June 2016, Egypt's sale of petroleum products amounted to EGP 185 billion, of which the government bore EGP 55 billion.