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Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, said that the price of fuel and gasoline has a specific mechanism and does not depend solely on international oil prices. The Oil Prices Committee formed by the Ministry of Oil and Finance analyzes the price of oil every three months and takes into account the exchange rate and prices of Brent crude. In the global market, 3 months and 3 months are evaluated, and the price of oil collapses in March, and the committee responsible for carrying out the studies will work, emphasizing that the cost assumed by the state is fixed and does not change, and the global price is only who changes.
“Al-Mulla” added, during a telephone conversation with the media Amr Adib, in the history program, broadcast by the satellite channel MBC Egypt, that it is undeniable that the sharp drop in the price of a barrel of crude oil reached the limits of $ 20 the past few days, the pricing mechanism depends on price averages for months. In October, November and December, the language of dealing with foreign partners is done at international prices as well as at gold prices, noting that the fuel prices that were approved came amid fluctuations in world oil prices , as a result of what the emerging Corona virus left behind.
The Oil Minister said that the price of gasoline and fuel will be very cautiously reduced because there is instability in oil prices, and stressed that these decisions must be balanced and that all considerations must be established. Furthermore, the interests of individuals and the interests of the state must be considered simultaneously.
He explained that the oil sector meets all people’s needs, and that there is an adequate strategic reserve in Egypt, indicating that low long-term oil prices will not be good, because there are multinational industries in Egypt, and if they find that Oil prices are continuously low during the next period, may affect your investment.
He noted that the price of diesel has not changed because the local component has adjusted and there is more production, but in the end the quantities are imported from abroad, so there has been no reduction as gasoline prices have witnessed, as well as the existence of tariffs for transport and freight and its approval in several stages that have caused price stability. He explained that diesel consumption is double that of other fuels.
He explained that there are soldiers working in the fields 24 hours a day, even under the Corona virus, taking the necessary precautions and sanitary isolation, explaining that on March 1 there was a situation, that it was isolated and controlled, and that a foreign person worked in a foreign company, since These companies are part of the industrial fabric in Egypt.
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