The follow-up committee for petroleum products automatic pricing mechanism will submit its report on 95-octane fuel prices to the cabinet today, according to governmental sources.
The new prices will be announced today, the sources added.
It’s worthy to note that, Egypt’s ministry of Petroleum applied the automatic pricing mechanism at the end of December 2018.
Last April, the ministry decided to settle the sale price of 95-octane fuel in the local market for three months to remain at EGP 7.75 per litre. The automatic pricing mechanism takes into account world oil prices.
The application of the automatic pricing mechanism was part of the measures the government agreed upon with the International Monetary Fund (IMF) to implement as part of Egypt's economic reform program.
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