Arafat: Petroleum market witnesses unprecedented stability

Arafat: Petroleum market witnesses unprecedented stability

The former Chairman of Misr Petroleum Yehia Shanan has been charged with smuggling gasoline and diesel. (Photo by Hassan Ibrahim)

Egypt’s petroleum market has recently experienced unprecedented stability
(Photo by Hassan Ibrahim)

Egypt’s petroleum market has recently experienced unprecedented stability, Hossam Arafat, Chairman of the Petroleum Products Division within the Egyptian Chamber of Commerce, said, according to state-run news agency MENA. He stated that no shortages or crises had been witnessed within the country’s gasoline stations or butane storage facilities.

In a meeting held Tuesday with Wahid Abu Zeid, Chairman of the Union for Petroleum Product Agents and Distributors, and attended by members of the Petroleum Products Division, Arafat stated that Egypt’s petroleum sector had not been affected by recently imposed curfews, adding that stations possessed large enough reserves to meet general demand.

Arafat asserted that he had recently met with Petroleum and Mineral Resources Minister Sherif Ismail, in order to explain the Division’s vision for the future regarding problems set to be faced by the sector. He stated that the Division would prepare a memorandum detailing all of the sector’s demands, which would be brought before the necessary ministries and government agencies.

He affirmed that he was cooperating with the Ministry of Finance to finish automating the distribution of diesel and gasoline over the coming months. This last measure came as part of the Ministry of Petroleum’s attempt to cut back on smuggling and maintain government funding for petroleum products, without interfering with the rules and regulations of the country’s subsidy programme.

He added that the Ministry does not oppose any measures set to be taken by the government to implement the country’s smart card programme, which he said would work to achieve the national interest. He stated that clear mechanisms needed to be implemented in order for the programme to work, and to prevent any acts of manipulation from occuring.

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