CAIRO – Undersecretary of the Ministry of Petroleum for Transport and Marketing Mahmoud Nagy said on Thursday the increase in the price of gasoline and diesel aims only to reduce gap between the cost price and the selling price.
In an interview with Extra News Channel Thursday, the ministry of petroleum official said, the price of natural gas for cars was fixed, in line with the presidential initiative that was launched more than two years ago to encourage car owners to convert them to natural gas and spread natural gas stations nationwide.
Nagy pointed out to global crises and regional tension that negatively affected oil prices globally.
He said the cost of producing and transporting petroleum products has risen significantly in the world, explaining that during recent years the energy file has witnessed very significant changes in the world due to geopolitical changes, as well as other crises, reflecting on global prices and the availability of products in the world.
Nagy said the cost of transporting products to difference countries is constantly increasing, adding that the State bears a large part of the subsidy, to provide low prices for gasoline and diesel, as Egypt is considered among the countries with the cheapest prices for petroleum products.
He explained that the increase in petroleum products had been postponed during the past periods in order not to put more burden on citizens’ shoulder.
