The decline in oil prices in global markets during the month of January, to less than $ 60 a barrel, against the backdrop of fears of the spread of the Corona virus, (contributed) to encourage Moroccan distributors to raise their imports of fuels with the beginning of this year.

And official data issued by the interests of the Ministry of Finance revealed a record increase in the quantities imported by the distribution companies in the Kingdom during the month of January, reaching 44.83 thousand tons, with a total value of 358 million dirhams.

The same statistical data recorded that the quantities imported by the same Moroccan companies during January 2018 amounted to 35.1 thousand tons, with a total value of 343 million dirhams.

And the distribution companies resorted to reversing the decrease in the cost of importing hydrocarbons at the final prices sold to the Moroccan consumer, starting in February.

The price of gasoline in gas stations in all Moroccan cities decreased, at rates ranging between 5 and 6 per cent, as they settled at levels of approximately 9.52 dirhams per liter.

However, this downward trend in oil prices did not reflect much on the price of gasoline, which witnessed an increase at the beginning of February, after stabilizing at the level of 11.5 dirhams per liter.

It is noteworthy that Morocco consumes the equivalent of 91.2 million barrels of fuel annually, or about 12 million tons recorded during the year 2016, equivalent to 91.2 million barrels annually and 250,000 barrels daily.

More than 20 companies distributing liquid petroleum products, including multinationals and national companies, operate in the Moroccan market.

It is noteworthy that oil futures prices fell more than 20 percent to their lowest level since 2016, on Sunday, after Saudi Arabia reduced the official price to sell its crude oil, indicating the start of a price war after OPEC talks with Russia failed to reach an agreement on reducing production.