October 8, 2020

Egypt keeps fuel prices on hold for 3 months


Fuel prices currently stand at EGP 6.25 per litre of octane 80 petrol, octane 92 petrol stands at EGP 7.5 per litre and at EGP 8.50 per litre of octane 95

Egypt’s fuel price indexation committee, decided to keep fuel prices unchanged on Wednesday.

The committee which reviews and determines the prices of some petroleum products on a quarterly basis, maintained the price of three types of petrol products in the local market at EGP 6.25 per litre of 80 octane petrol, 92 octane petrol stands at EGP 7.5 per litre and at EGP 8.50 per litre of octane 95 petrol.

The committee also decided to keep the diesel price at EGP 6.75 per litre and hold the selling price of mazut for non-electricity and bakeries usage at EGP 3900 per tonne.

The committee’s recent decision is based on its commitment to what was announced in July 2019 to apply the automatic pricing mechanism to some fuel prices.

The mechanism aims to adjust the selling prices of some petroleum products in the local market, up and down every quarter. The decision is based on the global price of a barrel of Brent crude, the change in the price of the dollar against the pound, and other fixed costs that are adjusted each year in conjunction with the approval of the budget of the Egyptian General Petroleum Corporation for the previous fiscal year by the Central Auditing Organization.

dailynewsegypt


Categories : oil and gas

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