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Thursday, 12 December 2019

Head of IMF mission to Egypt praises decision to lower gasoline prices

Sama Osama , Saturday 5 Oct 2019
Fuel
(Photo: Reuters)
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The decision of Egypt's Fuel Automatic Pricing Committee to reduce the price of gasoline by 25 piasters per litre was praised by Subir Lall, chief of the International Monetary Fund mission to Egypt .

The Egyptian Ministry of Petroleum announced last Thursday that the committee has reduced the price of gasoline in the local market effective Friday at 12am.

The committee’s decision was based on the decrease in Brent oil barrel prices in the international market, and the recent drop in the price of the dollar.

Lall stated that adjusting the selling price of some petroleum products in the Egyptian market was consistent with Egypt’s recently applied automatic price adjustment mechanism, which allowed the adjustment of the selling price of some petroleum products whether up or down on a quarterly basis, in order to maintain a price level that covered the cost of producing and selling petroleum products in the Egyptian market.

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