The Cabinet has denied the rumors surrounding a surge in fuel prices, according to a statement.

Earlier, the House of Representatives has approved proposed fees on gasoline and its derivatives of an additional EGP 0.30 per each sold gasoline liter, and EGP 0.25 per each sold diesel liter. However, the Cabinet confirmed that these fees will not affect market prices and that they will remain unchanged, as they are a part of a settlement involving the state treasury and the Egyptian General Petroleum Corporation (EGPC).

It should be noted that Egypt’s Fuel Pricing Committee has been relying on an automatic pricing mechanism for some petroleum products, which aims to adjust the selling prices of some petroleum products in the local market every quarter.