The head of the Petroleum Products Division at the Federation of Egyptian Chambers of Commerce, Hassan Nasr, said that the local market is operating stably, with fuel available in all governorates.
He noted that petroleum product prices have not seen any new increases so far, while predicting future price trends is difficult due to their dependence on several local and global variables.
During a phone interview with Al-Shams TV on Saturday, Nasr added that petroleum products are readily available in the markets, emphasizing that there is no supply crisis or shortage of fuel for consumers.
He explained that fuel prices are currently linked to a range of economic variables and global market fluctuations, making it impossible to issue accurate price forecasts for the coming period.
Rising Transportation and Insurance Costs
The head of the Petroleum Products Division pointed out that successive geopolitical development are impacting energy markets, especially with the continued tensions in several regions.
He noted that these developments are reflected in the costs of transporting oil and petroleum products, as well as insuring shipments.
He added that maritime transport and insurance costs for ships and vessels in the Arabian Gulf region have increased by between 20 to 25 percent, which is one of the factors included in the cost of transporting and handling petroleum products.
Nasr explained that the price of Brent crude in global markets is one of the main factors affecting petroleum product pricing calculations, along with the exchange rate of the US dollar against the Egyptian pound.
Other influencing factors include inflation rates and transportation and logistics costs, as significant fluctuations in global oil prices or in the exchange market can affect calculations related to setting fuel prices locally, he said.
The Pricing Committee
Nasr emphasized that fuel prices are not determined based on personal expectations or individual estimates, but rather on studies and calculations that include a range of economic and technical indicators, with the participation of relevant authorities and sectors.
He affirmed that the decision to increase or maintain petroleum product prices rests with the competent authorities and the Automatic Pricing Committee, explaining that this matter is subject to monitoring in light of economic changes and global market fluctuations.
Future Fuel Prices
Current circumstances make predicting fuel prices in the coming period extremely difficult, he noted, especially given the rapid changes in oil markets and the political and security developments in the region.
However Nasr assured that the current situation in the Egyptian market is stable and that petroleum products are readily available, emphasizing that no new fuel price increases are planned for the near future.
Edited translation from Al-Masry Al-Youm
