An oversupply of crude oil has the Ministry of Petroleum giving Egypt some good news for once.
For those of you with a car, we at CairoScene have good news to share with you. According to Petroleum Minister Sherif Ismail the cost of what our beloved government is paying for petroleum will remain stagnant for around two years thanks to an oversupply of crude oil in todays’ market. So that satisfying feeling you get when you fill up your car for a price you know the range of will remain for the timebeing.
Being as the government raised prices by upward of 75% last July, this should be quite comforting to those who are constantly wondering if you can afford to keep driving. Let us just hope this market actually sticks around for the next two years as that will surely help with budgeting, saving up for that new watch you’ve always wanted or even buying something for your significant other. One clap for Egypt, two claps for the oil market.