Morocco Energy Subsidies Hormuz Crisis Impact 2026

Almost entirely dependent on gas and oil imports, the kingdom is suffering colossal financial pressure. According to Budget Minister Fouzi Lekjaa, the State deploys 3 billion dirhams monthly (approximately 330 million dollars) in aid.

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In detail, 600 million prevents butane prices from soaring, 650 million curbs transport tariffs and 300 million eases electricity bills. These financial lifelines respond to the consequences of the Iranian conflict, which sent oil up 46%. Fuel thus exploded 70% to reach 1,218 dollars per ton, while gas climbed 53% and butane 33% (to 727 dollars).

The impact on national coffers is heavy: the Ministry of Economy and Finance noted a widening deficit of nearly 40% over the first two months of 2026, rising from 24.8 to 34.5 billion dirhams. Despite these figures and the massive infrastructure spending announced in early 2025 to co-host the 2030 World Cup with Spain and Portugal, Fouzi Lekjaa promises parliament a controlled deficit below 3% of GDP and debt at 66%.

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To stay on course, the leader is counting on excellent fiscal momentum. Over the first four months, tax revenues grew 8.5% to reach 10.4 billion dirhams, driven by an increase in VAT, consumption taxes, and a 25% jump in corporate tax (to 9 billion).