Egypt`s Ministry of Petroleum and Mineral Resources started applying the new prices for gasoline at the filling stations, in accordance with the decision of the Fuel Automatic Pricing Committee of petroleum products.
The new prices were announced on Friday in a statement by the ministry of petroleum gasoline and diesel.
The Fuel Automatic Pricing Committee cut the price of gasoline in the local market by 25 piasters per liter.
The committee, which tasked with revising fuel prices every three months, set the new prices at EGP 8.50 for 95-octane gasoline, EGP 7.50 for 92-octane gasoline, and EGP 6.25 for 80-octane gasoline.
The statement added that the committee reviewed the global crude price averages and the exchange rate for the period between January-March 2020 compared to October-December 2019 and taking into account that the price equation, the ministry announced the new prices.
The criteria announced for the work of the committee requires adjusting prices up and down with a maximum of 10% every quarter to protect consumers and the state budget.
In light of the unprecedented exceptional circumstances experienced by the global oil markets, as well as the global and local economic conditions as a result of the outbreak of the novel coronavirus, and with the expectation of a sharp decline in world oil prices, the committee decided to cut 25 piasters from every liter of fuel.
The fuel pricing committee, which was formed last year and includes representatives of the ministries of oil and finance, relies in its decision on measuring the level of international oil prices, exchange rates as well as costs of transportation, operation, and production.