Egypt's domestic market is eagerly awaiting a decision from the Automatic Pricing Committee for Petroleum Products, which is expected to meet in the first week of October. The committee was reinstated by Prime Minister Mostafa Madbouly in the first quarter of the current fiscal year, which began in July. The committee's primary objective is to ensure fair pricing of petroleum products.
According to a source, the committee will study global oil price trends, international and regional variables affecting energy markets, and factors related to the cost of providing petroleum products. This analysis will inform their decision on fuel prices for the coming period. The committee's recommendations will be based on a thorough examination of these factors.
The last adjustment to fuel prices was announced by the Ministry of Petroleum and Mineral Resources on March 10. The prices of various fuel products were increased, with the current prices being: 24 pounds per liter of 95-octane gasoline, 22.25 pounds per liter of 92-octane gasoline, 20.75 pounds per liter of 80-octane gasoline, and 20.5 pounds per liter of diesel.
In addition to these prices, the cost of household gas cylinders has also been set at 275 pounds for a 12.5-kilogram cylinder and 550 pounds for a 25-kilogram cylinder. The price of gas for vehicle fueling is 13 pounds per cubic meter. These prices have been in effect since the last adjustment in March.
The Automatic Pricing Committee for Petroleum Products was established in December 2018 by the Council of Ministers. The committee comprises representatives from the Ministry of Petroleum and Mineral Resources, the Ministry of Finance, and the Egyptian General Petroleum Corporation. Their role is to monitor the pricing equation quarterly.
The committee's mandate includes linking the selling price of 95-octane gasoline to global Brent oil prices and the exchange rate, while considering other costs that may require adjustment. They are also responsible for monitoring the implementation of the pricing mechanism and providing recommendations to ensure its smooth operation.
The committee's decision on fuel prices is expected to have a significant impact on the local market. With the global economic situation and fluctuations in oil prices, the committee's meeting in October will be closely watched by market stakeholders.
Key points
- The Automatic Pricing Committee for Petroleum Products in Egypt will meet in October to review fuel prices.
- The committee's decision will be based on global oil price trends, international variables, and the cost of providing petroleum products.
- The last adjustment to fuel prices was announced in March, with prices ranging from 20.75 to 24 pounds per liter for different types of gasoline and diesel.
