The Cabinet Invalidates New Fuel Prices

The Cabinet Invalidates New Fuel Prices

Hamdy Abdel Aziz, Spokesperson for the Ministry of Petroleum and Mineral Resources, invalidated the fuel prices shared on social media as of April 1, according to the Cabinet.

The automatic pricing committee which follows up on the pricing mechanism for petroleum products every three months will convene this week, Abdel Aziz added. Upon deciding, the new fuel prices will be implemented for the next three months; from April to June.

He noted that the pricing committee operates according to a price formula that includes the global price of Brent crude, the US dollar exchange rate, as well as the trade costs of petroleum products.


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