Salama: The government has a clear action plan to introduce more governance measures in the fuel sector

Sada News Economy - The Minister of Finance and Planning and Chairman of the Board of Directors of the General Petroleum Corporation, Dr. Istafan Salama, chaired a wide-ranging meeting that included the technical and administrative teams of the corporation, as well as the boards of directors of the fuel and gas station owners' unions. The aim was to discuss the steps that should be taken by all parties to restore stability to the market by balancing supply and demand for fuel derivatives.

The attendees discussed a series of quick interventions that can increase the supply to the market and overcome the existing challenges. The General Petroleum Corporation will supply the quantities requested by the fuel station in accordance with prior arrangements between the two sides, meeting the full market needs and following regulatory procedures that ensure supply operations are limited to official channels.

Salama addressed the challenges related to the accumulation of the shekel currency at fuel stations and promised to intensify efforts and pressure with the relevant authorities to alleviate the severity of this crisis, alongside expanding the use of electronic payment tools, which contributes to increasing the supply of fuel derivatives and storing reserve quantities at stations to maintain the economic cycle and sustainability of public transport in light of the exceptional circumstances and current regional developments.

Salama emphasized before those present that the government has a clear action plan to introduce more governance measures in the fuel sector, including the establishment of a "National Fuel Company" to be entirely state-owned, along with other regulatory measures aimed at preserving public funds on one hand and ensuring transparency and keeping the public informed about the decisions being made on the other. In this regard, he stressed that any decisions or procedures, including granting licenses, will be subject to the law and principles of transparency and integrity.

Both parties agreed to form a joint committee that will be in permanent session, tasked with monitoring the outcomes of the meeting and addressing any daily challenges immediately to ensure the continued stable supply of fuels to the market.