Today, Saturday, the Automatic Pricing Committee for Petroleum Products in Egypt has announced that the price of petroleum products in the local market will remain unchanged, for the period from October to December 2022.
According to a government statement, the Pricing Committee met to review and determine the selling prices of certain petroleum products on a quarterly basis in the latest meeting held after the end of last September and to study global economic conditions and their impact. on the oil market following the repercussions of the Russian-Ukrainian war which led to the fluctuation of the prices of Brent crude oil, as well as after the revision of the exchange rate.
The committee decided to set the selling price of gasoline products of its three types in the local market at 8.00 pounds per liter for gasoline 80, at 9.25 pounds per liter for gasoline 92, at 10.75 pounds per liter for 95 petrol and 7.25 pounds per liter for diesel and the selling price of one ton of non-electric diesel and bakery products at 5000 pounds per ton.
The recent decision of the committee stems from its commitment with respect to what was announced in July 2019 to apply the automatic pricing mechanism to some petroleum products, as is the case in many countries of the world.
The mechanism aims to adjust the sales prices of certain petroleum products in the local market, upwards and downwards every quarter, in based on the evolution that occurs to the most important influencers and determinants of the cost of making petroleum products available and sold on the local market, namely: the global price of a barrel of Brent crude oil, and the change in the price of the dollar against the pound in addition to other charges and fixed costs. .
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