Egypt's Fuel prices dropped by 25 piastres per liter to record EGP 6.50 for gasoline 80, EGP 7.75 for gasoline 92, and EGP 8.75 for gasoline 95, while the ton of diesel also declined by EGP 250 to record EGP 4250.
The Automatic Pricing Committee approved in its last meeting, the new price of three kinds of oil products in the local market.
The committee said on Thursday that the decision comes in light of the decline in the price of Brent barrel on the global market during the period from July to September 2019 to an average of about 62 dollars per barrel, as well as the decline in the value of the dollar against the Egyptian pound to an average of EGP 16.60 during the same period.
The committee's decision comes from its commitment last July to apply the automatic pricing mechanism on some petroleum products as a global phenomenon. The mechanism aims to adjust the sale prices of petroleum products in the local market every quarter, according to the international price of Brent crude, and the exchange rate of the dollar.
However, according to the latest account for 2018-19, other fixed costs increased slightly, prompting the Committee to keep the sale price of diesel in the domestic market unchanged.
The committee stressed that it will continue to follow closely the developments of international oil prices, the prevailing exchange rate in the local market, and its commitment to apply the automatic pricing mechanism according to the established parameters,taking into account the avoidance of any distortions in the pricing of petroleum products that may lead to an imbalance in the price system.
It stressed that the main objective behind the automatic pricing is to find a clear mechanism that provides a future vision in the domestic market.
The new prices are expected to come into effect as of October 4.
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