Egypt to Reconsider Oil Price, No Intention for New Increase

The Ministry of Petroleum in Egypt will be convened on Tuesday in order to review the price of oil and reconsider the re-circulation's costs. 

“Oil and gas prices in Egypt will not be increased in the near future,” said Petroleum Ministry’s Spokesperson Hamdy Abdel Aziz. 

He revealed that the concerned committee at the Petroleum Ministry is used to supervising the oil’s price every three months in comparison to the global market’s price. 

In this regard, well-known anchor Ahmed Moussa disclosed that the Tuesday’s meeting will study increase or decrease of the oil’s prices by 10 percent, noting that “the prices will not be increased.”

On his TV show, Moussa stated that the prices “may be decreased.”

https://www.youtube.com/watch?v=1hWT9Z3H3gA

The upcoming meeting must be concluded with a report that will be submitted to the ministers of finance and petroleum. Accordingly, the concerned ministers can take a decision to decrease or increase the price throughout the coming three months. 

On 24th September 2019, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources participated in the Sustainable Development Impact Summit held in New York, which is considered one of the most significant annual events, organized by the World Economic Forum along with the UN General Assembly meetings. 

The government of Egypt set the crude oil price at $68 per barrel for next year’s budget.

Local Oil Prices in Egypt

Type

Price

Unit

Benzene 80

6.75

L.E./Ltr

Benzene 92

8.00

L.E./Ltr

Benzene 95

9.00

L.E./Ltr

The statement for the budget for fiscal year (FY) 2019/20 showed that oil prices are estimated at $68 a barrel, down from the estimated $70 for FY 2018/19, as shown by the official data of the Ministry of Finance.

This comes as global oil prices dropped by more than 2.6% last week, recording its first decline after rising for five consecutive weeks.

In December, 2015, Cairo hosted the 95th  Ministerial Conference of the Ministers' Council  of the     Organization of Arab Petroleum Exporting Countries (OAPEC)

In February, 2016, Minister of Petroleum announced the launching of the International Conference: Egypt Petroleum Show “EGYPS 2017.”