Egypt to Resume Fuel Pricing Committee in Q1 of Current FY

Egypt will resume the work of its Fuel Automatic Pricing Committee beginning in the first quarter of the current fiscal year, Prime Minister Mostafa Madbouly announced on Wednesday.

Speaking during a press conference, Madbouly said the committee will once again review domestic fuel prices under its established pricing mechanism, addressing public speculation over the possibility of reducing petroleum product prices.

He explained that the committee will determine whether fuel prices should be lowered or maintained based on its technical formulas, market assessments, and economic studies.

"The committee will decide, in accordance with its established methodology, whether current petroleum product prices warrant a reduction or should remain unchanged," Madbouly said.

The prime minister stressed that the government remains committed to limiting the financial burden on citizens. However, he noted that the recent U.S.-Iran conflict drove global oil prices sharply higher, prompting the government to increase domestic fuel prices at the time to reflect the surge in international energy markets.

The Fuel Automatic Pricing Committee periodically reviews domestic fuel prices based on a formula that takes into account global crude oil prices, exchange rate movements, and other cost factors.