Yesterday saw the EgyptIan government reduce various fuel prices by some 2.8 – 5.6 per cent.
The Fuel Automatic Pricing Committee reduced the price of gasoline in the local market by 25 piasters per litre effective Friday 12am.
The new prices per litre for 80 octane gasoline are now EGP6.5; 92 octane gasoline EGP 7.75; and 95 octane gasoline EGP 8.75; amounting to 2.8 – 3.7 per cent decrease in the original prices.
Industrial-use mazot was reduced in price by EGP250 per ton, a 5.56 decrease, so that it now stands at EGP4,250.
A statement by the EgyptIan Petroleum Ministry said the decision came in light of the decrease in Brent oil prices on the international market during the interval from July to September 2019 to USD62 per barrel, as well as the drop in price of the dollar versus the EgyptIan Pound during the same period.
The Ministry stressed the step was part of its commitment to apply automatic pricing on petroleum products, which implies a quarterly price amendment in accordance with the international price of Brent crude oil and the price of the dollar against the Egyptian pound.
Watani International
5 October 2019
