Refined petroleum products in Egypt face the prospect of negative demand growth as the prices of subsidized fuel products went up, petrochemicals market information provider ICIS suggests. “The price of gasoil, which accounts for a third of Egyptian demand, rose by 30% overnight, for example, albeit from a very low base. Given the wider inflationary pressures affecting consumer spending, we are likely to see a slowdown in oil demand growth-potentially even negative demand growth,” James McCullagh, an oil products analyst said. Polymers demand in Egypt is already suffering, ICIS says, due to foreign currency shortages. Local players are looking for “stability” in the market with one telling ICIS it could “take one or two weeks.”