Egypt Keeps Fuel Prices Unchanged in Quarterly Review

The automatic pricing committee decided to keep the current fuel prices unchanged until September 2020 after a quarterly review at its weekly meeting.

The most determining factor for the pricing committee is the average prices of Brent crude in the world market and the exchange rate for the period from April until June 2020, as well as subsidies on fuel and other costs.

The committee’s recommendations came in light of the exceptional conditions that the world is going through as a result of the negative repercussions of the corona pandemic on global economic activity in general, as well as oil and energy markets in particular.

During the period from April until June 2020 sharp fluctuations occurred in world oil prices and a  complete cessation of the economic activities prevailed in light of the uncertainty that overshadowed that period.

The selling prices of gasoline products were all kept the same for all three types.

EGP 6.25 per liter for 80-octane

EGP 7.50 per liter for 92-octane

EGP 8.5  per liter for  95-octane

EGP 6.75 per liter for diesel.

Meantime, international institutions expect a significant increase in the prices of Brent crude during the quarter compared to the prices that prevailed in the previous quarter, indicating that maintaining the prices of selling petroleum products will contribute to maintaining the stability of prices in the local market, avoiding sharp fluctuations in world prices.