Egypt Independent

Govt committee reduces fuel prices



The Committee on Automatic Pricing of Petroleum Products, which reviews and determines the prices of some petroleum products on a quarterly basis, has decided to reduce the sale price of three types of petrol products in the local market by 25 piasters per liter to become LE6.5 for octane 80 petrol, LE7.75 for octane 92, and LE8.75 for petrol 95.

The committee attributed its decision to the decline in the price of Brent barrel on the international market between July and September 2019 to an average of about US$62 per barrel, and the decline of the dollar price against the pound to an average of LE16.60.

International Monetary Fund (IMF) expert Subir Lall praised the decision of the automatic pricing committee to approve the reduction of prices of some petroleum products on the Egyptian market in light of the decline in the price of Brent barrel and the decline of the dollar against the Egyptian pound.

Lall said in a press statement that the adjustment of the sale price of some petroleum products in the Egyptian market is consistent with the application of the automatic pricing mechanism announced last July.

The committee mechanism of pricing allows the modification of the sale price of some petroleum products on a quarterly basis, maintaining a price level covering the cost of making and selling the petroleum products available in the Egyptian market.

Edited translation from Al-Masry Al-Youm