Egypt to lower oil price to $80/barrel in FY2023/24 budget

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The document stated that the country is expected to set the imported wheat price at $340 per ton

Staff Writer, Arab Finance

May 9, 2023

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Egypt intends to lower the oil price by 15% at $80 per barrel in the budget of the fiscal year (FY) 2023/2024, Asharq Business reported on May 9th, citing an official document.

Moreover, the document stated that the country is expected to set the imported wheat price at $340 per ton for the coming FY’s budget, 20% down from $424 per ton in the current FY’s budget.

It was reported on May 6th that the government had set the oil price in FY 2023/2024 budget at $90 per barrel.

Egypt annually consumes about 12 million tons of diesel and about 6.7 million tons of gasoline, according to the latest data of the Central Agency for Public Mobilization and Statistics (CAPMAS) for the FY 2019/2020.

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