The House of Representatives has approved proposed fees on gasoline and its derivatives, Al-Ahram reported.
The Ministry of Finance had submitted a draft earlier to the House of Representatives, amending some provisions of Law No. (147) for the year 1984 to impose a fee for developing the state’s financial resources. The ministry requested imposing new fees on diesel of an additional EGP 0.30 per each sold gasoline liter, and EGP 0.25 per each sold diesel liter.
Minister of Finance, Mohamed Maait assured that this will not affect the gasoline or its derivatives prices in the market and that it will remain the same. The fees are a part of a settlement between the Ministries of Finance, and Petroleum and Mineral Resources, where the Egyptian General Petroleum Corporation (EGPC) accounts for paying it from its revenues. The fees will be allocated towards the state treasury to support social and economic projects to ease the burdens on citizens, and support the economic sectors amid the coronavirus (COVID-19) crisis.
It should be noted that Egypt’s Fuel Pricing Committee has been relying on an automatic pricing mechanism for some petroleum products, where it has cut fuel prices in April. The mechanism aims to adjust the selling prices of some petroleum products in the local market every quarter.