Egypt plans to cut oil prices about $1.50 a barrel.

A senior Oil Ministry official, who spoke on condition that he not be identified, said a final decision on the size of the cut might be reached today when the ministry’s pricing committee resumes discussions. “It’s not final yet, but the reduction will be around $1.50” per barrel, he said. Egyptian officials have said any price cut would be retroactive to June 1. The current price for Egyptian oil is $26.75 a barrel for its top-grade Gulf of Suez light crude, $26 for Belayim, $25.85 for Badran and $25 for Ras Ghareb heavy crude.