Last Update 0:15
Wednesday, 23 October 2019

Oil minister: No increase in fuel prices

Egypt's oil minister dismisses any imminent rise in petroleum product prices and unveils arrangements for an upcoming gas production summit.

Mena, Amr El-Feki, Saturday 4 Dec 2010
Sameh Fahmy 1
Sameh Fahmy, Egyptian oil minister. (Photo: Reuters)
Views: 1599
Views: 1599
Oil Minister Sameh Fahmy has denied any rise in the prices of petroleum products "for the time being". The government is keen to minimise "any suffering" and to improve the standard of living of ordinary citizens, Fahmy was quoted as saying Saturday.

In comments to the press, Fahmy also thanked the oil ministers of Qatar, Libya and Algeria who backed Egypt to host an upcoming summit of gas producing countries in 2011 in Sharm El Sheikh. Egypt was also nominated to the presidency of the Gas Exporting Countries Forum (GECF).

Fahmy praised the efforts of former Minister of Petroleum Hamdy Al-Bamby who was keen to peg gas prices to those of oil, a position affirmed by the 11th Ministerial Meeting of GECF Thursday. 

The meeting, convened in Qatar on 2 December, was chaired by GECF President Youcef Yousfi, Algerian minister of energy and mines, and Alternate President Rafael Ramirez, the people’s minister for energy and petroleum in Venezuela. The meeting was attended by Algeria, Egypt, Equatorial Guinea, Iran, Libya, Qatar, Russia, Trinidad and Tobago, and Venezuela as full members, and Kazakhstan, the Netherlands and Norway as observers.

Ministers agreed to hold the first regular gas summit in November next year in Qatar, following an exceptional summit in Egypt in June. Fahmy was made the new president of GECF.

Before his trip to Qatar, Fahmy had met members of the board of directors of Apache Corporation of America with the aim to increase investments in Egypt. He urged for further oil exploration at new sites, especially near Egypt's western borders with Libya.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.