Egyptian Prime Minister Mostafa Madbouli announced that Egypt annually imports 100 million barrels of diesel fuel.
Madbouli added in a speech from his office this morning, Thursday, in his satellite broadcast to Egypt that Egypt, since the establishment of the automatic pricing committee, has sought to eliminate oil subsidies from 2020, and all fuel products have been priced in such a way that they cover their own costs by spreading the price among the products.
The Prime Minister explained that the price of a barrel of oil is budgeted for 2021 at $60 per barrel, while the world price has reached $120 this year, noting that the price of a liter of diesel fuel is 11 Egyptian pounds at cost. state, and is now sold at 7.25 Egyptian pounds, continuing: Egypt consumes 15 billion liters and the state bears 178 million pounds annually, or 63 billion pounds if the old price remains as a subsidy for diesel only.
Prime Minister Mostafa Madbouly pointed out that the increase in diesel prices reduces the government’s spending on diesel by up to £55 billion this year.