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Tuesday, 27 October 2020

Egypt keeps domestic gasoline prices unchanged

Egypt's Fuel Automatic Pricing Committee decided on Wednesday to keep fuel prices nationwide unchanged till the end of December

Ahram Online , Wednesday 7 Oct 2020
An employee of a petrol station fills a car tank in Cairo (Photo: Reuters)
An employee of a petrol station fills a car tank in Cairo (Photo: Reuters)
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Egypt's Fuel Automatic Pricing Committee decided on Wednesday to keep fuel prices nationwide unchanged till the end of December, leaving the price of 95-octane fuel at EGP 8.50 per litre, 92-octane fuel at EGP 7.50 per litre, and 80-octane fuel at EGP 6.25 per litre, the petroleum ministry said in a statement.

The committee also decided to fix the price of industrial-use mazut at EGP 3,900 per tonne, the statement noted.

Egypt has started implementing a quarterly price index mechanism on all petroleum products since July 2019, exempting gas stoves, the electricity sector, and bakeries from the mechanism. 

The mechanism of automatic pricing involves amending the prices of petroleum products quarterly, as it should not increase or decrease by more than 10 percent, in accordance with the international price of Brent crude oil and the price of the dollar against the Egyptian pound.

The latest cuts announced by the committee were in April when it decreased fuel prices by EGP 0.25 for the three types of fuel, while keeping the prices of other petroleum products unchanged.

The cuts in prices, at the time, came amid the dual effects of the Covid-19 crisis and collapsing global oil prices on the back of an oil price war between Saudi Arabia and Russia that began in March.

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