Egypt is maintaining prices of all three types of petroleum products in the local market at EGP 6.5 per liter for octane 80, EGP 7.75 per liter for octane 92, and EGP 8.75 per liter for octane 95, a press release reported.
This came as the pricing committee responsible for the automatic indexation mechanism decided in its quarterly meeting in December to review and reprice petroleum prices accordingly.
The committee also decided to keep the price of diesel at EGP 6.75 per liter and the price of mazut for non-users of electricity and bakeries at EGP 425,000 per ton.
These decisions aim at stabilizing the selling cost and making petroleum products available in the local market due to the high global Brent prices during Q4 2019, increasing by 1.7%.
Moreover, the committee’s recent fixing prices decision comes out of its commitment to what was announced in July 2019 to apply the automatic pricing indexation mechanism to some petroleum products and adjust the selling prices in the local market according the global market.
Additionally, the committee recommended to fix petroleum products’ prices to be consistent with the rise in value of the pound against the dollar during Q4 2019 as the average price of a barrel during the period from October to December 2019 is about $62.5 per barrel.
These recommendations and decisions aim to enhance the committee’s credibility and transparency to adhere to what was previously announced.