July 25, 2021

Fuel prices hike has no impact on food commodities: Chambers of Commerce


FEDCOC President Ibrahim Mahmoud Al Araby said that the decision to hike petroleum products prices will affect petrol prices only

The Federation of Egyptian Chambers of Commerce (FEDCOC) has said that the recent decision to increase fuel prices will not affect the prices of food commodities or the flow of goods in the Egyptian market.

FEDCOC President Ibrahim Mahmoud Al Araby said that the decision to hike petroleum products prices will affect petrol prices only.

Meanwhile, the prices of diesel used in goods transport and bread production will remain unchanged, because of its direct and indirect impact on transportation and food commodity prices. Moreover, diesel prices have been stabilised, as the fuel is supplied to industrial activities.

For the second time this year, Egypt’s Fuel Automatic Pricing Committee increased the prices of fuel in the local market by EGP 0.25 per litre, the Ministry of Petroleum and Mineral Wealth announced on Friday.

The new prices are: EGP 6.75 for 80-octane petrol; EGP 8 for 92-octane petrol; and EGP 9 for 95-octane petrol. The price of industrial-use Mazut remains at EGP 3,900 per tonne, and diesel at EGP 6.75 per litre.

In April, the committee increased petrol prices by EGP 0.25 per litre, as part of its automatic pricing of petroleum products mechanism, which takes place on a quarterly basis.

The decision is based on international changes and the high fluctuation in global prices, according to the various events the world is witnessing, such as the economic effects of the novel coronavirus (COVID-19) pandemic and production cuts.

Al Araby noted that the Market Follow-up Operations Room at FEDCOC follows up on all changes that occur in internal markets, in cooperation with all chambers of commerce across Egypt.

This includes monitoring the flow of goods transport and the change in prices, whether as a result of variables in supply and demand conditions or resulting from a change in production conditions or raw materials.

dailynewsegypt


Categories : oil and gas

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