Morocco says fuel reserves cover 30 days amid rising global prices

Morocco has sufficient fuel reserves to meet around one month of domestic demand, MAP reported on March 18, citing government officials. Global energy prices continue to rise due to geopolitical tensions and supply disruptions driven by the US-Israeli war on Iran.

Secretary of State for Employment Hicham Sabri stated that the amount includes both fuel currently available inside the country and shipments en route to Moroccan ports. The amount provides a short-term buffer against volatility in international markets.

Sabri said the recent increase in fuel prices was driven by both domestic conditions and global developments. He noted that Morocco remains highly exposed to external shocks, particularly amid ongoing geopolitical tensions affecting global energy supply chains.

Sabri added that imports from certain suppliers, notably Russia, were cut, noting that the cut contributed to higher global prices following the disruption of energy flows caused by the Russia-Ukraine war. He also pointed to escalating tensions in the Middle East, including risks to key shipping routes such as the Strait of Hormuz, as further drivers of market instability.

Diesel prices were increased by MAD 2 per litre to around MAD 12.9 ($1.38), while petrol rose by MAD 1.44 per litre to approximately MAD 13.95 in some stations, according to local reports. Fuel price increases that came into effect days earlier were due to these pressures, with Sabri warning of their impact on purchasing power, as higher fuel costs feed through to transport and consumer prices. To ease the burden, the government has introduced targeted support measures, including financial assistance for transport operators.

Morocco’s 2026 budget was based on an oil price assumption of $69 per barrel, but prices are now approaching $100, with some forecasts suggesting further increases. As a major energy importer, Morocco could face high inflation and rising fuel costs if the US-Israeli war on Iran intensifies, though these are partially offset by record-high prices for its phosphate fertiliser exports.