Cairo - Mubasher: Egypt has set oil prices for fiscal year 2019/2020 at $68 per barrel (pb), versus an estimated price of $70 pb this year, the Ministry of Finance (MoF) said in a statement on Monday.
Brent futures price has been drafted in the state’s next-year budget on the basis of the average of future purchase contracts and the International Monetary Fund’s (IMF) expectations for oil prices in the World Economic Outlook (WEO) report, according to the preliminary financial statement on the general budget draft for FY19/20.
In January, petroleum minister Tarek El Molla said that Egypt was planning to introduce an automatic price indexation mechanism on 95-octane gasoline as of 1 April to limit price changes to 10%.
