The Ministry of Finance has unveiled its latest public budget projections for the price of Brent crude oil barrels.

During the current fiscal year (FY) 2023/2024, the projected price of Brent crude oil barrels stands at $80.

Looking ahead to the FY 2024/25, the forecast indicates a slight increase in the price of Brent crude oil barrels, with a projected value of $82 per barrel.

In FY 2020/21, the price hit $61 per barrel, followed by a notable increase to $91 in FY 2021/22.

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

Also, Egypt is targeting scaling up its daily crude oil production by 9% in fiscal year (FY) 2024/2025 to 637,000 barrels from the current daily production of 580,000 barrels.