Egypt's Fuel Automatic Pricing Committee has reduced the price of gasoline in the local market by 25 piasters per litre effective Friday at 12am, the petroleum ministry announced in a statement.
The new prices per litre are as follow: EGP 6.5 for 80 octane gasoline, EGP 7.75 for 92 octane gasoline, and EGP 8.75 for 95 octane gasoline.
The committee also decreased the price of industrial-use mazut by EGP 250 per tonne, putting the price of the tonne at EGP 4,250.
The decision comes in light of the decrease in Brent oil barrel prices on the international market between July and September to $62 per barrel, as well as the recent drop in the price of the dollar, the statement added.
The ministry stressed that the step is part of the ministry's commitment to applying automatic pricing on some petroleum products, which involves amending the prices of petroleum products quarterly in accordance with the international price of Brent crude oil and the price of the dollar against the Egyptian pound.
The decision is also in line with the government’s implementation three months ago of a quarterly price index mechanism on all petroleum products in accordance with global gas prices.