Minister of Petroleum and Mineral Resources Karim Badawi said that the octane price increase will be the last in the coming period, in line with the Prime Minister’s statements.
During his interview on the “Masaa DMC” program, he added that local production, import bills, and the global price of oil are all factors that are being taken into account during the Fuel Pricing Committee’s meeting to determine the expected increase.
Badawi pointed out that geopolitical events also directly influence the pricing committee’s decision, adding that the state will continue to subsidize diesel in the near future due to its direct connection to citizen livelihoods.
The ongoing monitoring of the ministry’s strategy to increase oil, gas production, and inject more investment into research, exploration, and production activities all contribute to meeting local market needs and reducing the import bill, he explained.
The minister added that the intensification of new well drilling programs reflects the commitment of investment companies to furthering and expanding research and production projects, ensuring continued growth in domestic gas production indicators and new discoveries that support the sector’s production capacity.
