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Morocco said on Thursday it has diesel stocks for 51 days and petrol for 55 days, while coal and gas supplies are secured through the end of June. The energy ministry said the country has no domestic refining capacity, making it especially exposed to the surge in global oil prices triggered by the Middle East war.
Fuel stations raised diesel and petrol prices by about 30% after U.S. and Israeli attacks on Iran at the end of February heightened regional tensions. Morocco removed diesel subsidies in 2014, but it has since reintroduced support for professional transporters, including taxis, buses and trucks, to keep prices from rising too sharply.
The country has relied entirely on imported diesel and petrol since 2015, after its only refinery shut over unpaid debts and entered liquidation. The energy ministry said Morocco’s strategy of diversifying supply sources, especially from Europe and the United States, has helped limit the shock.
Coal remains central to Morocco’s power mix, accounting for about 60% of electricity production, compared with 10% from natural gas and 25% from wind and solar, according to the electricity regulator. While coal prices have also risen, the ministry said supplies are secured until the end of June and tenders will be issued in mid-April to cover the third quarter.
The government is trying to curb the economic damage with subsidies, but private firms manage the import, storage and distribution of petroleum products, leaving prices exposed to market forces. Morocco’s 2026 budget is based on oil at $60 a barrel, far below the current Brent level, and the central bank has said the country could tap a $4.5 billion IMF credit line if oil rises above $120 a barrel.
