A technical committee entrusted to the automatic pricing of octane 95 petrol decided on Monday not to raise its price on the local market, keeping it at LE7.75 per liter during the second quarter of this year until the end of June.
During a meeting, the committee discussed the basic factors affecting the cost of providing and selling gasoline, including the price of the pound against the US dollar in light of the official data from the Central Bank of Egypt, announced for the first quarter of this year, and the prices of Brent crude oil during the same period.
The committee came to it’s decision at the end of the meeting not to raise fuel prices, in light of the data discussed.
The government was to begin implementing the automatic pricing mechanism for octane 95 fuel, linking it to the price of Brent crude on the global market starting Monday, in line with its decision to float its price issued at the end of 2018.
The price of octane 95 petrol on the local market is LE7.75 per liter. The decision stipulated that the change in price should not increase or decrease by more than 10 percent in relation to the prices of Brent crude, and the pound exchange rate.
Prime Minister Mostafa Madbouly formed a committee that convenes every three months to follow up on the automatic pricing of octane 95 fuel and link it to the price of Brent crude oil and the exchange rate.
Edited translation from Al-Masry Al-Youm