An official source at the Ministry of Petroleum said that the new gasoline prices will be announced by the automatic pricing committee for petroleum products within hours after the end of the last three months in March, noting that the limits of change in the prices of petroleum products are a maximum of 10% up or down according to the law issued .
The source added in special statements For «Today’s News Portal» The pricing committee is still working on studying the data available to it on the cost of production, Brent crude prices and exchange rates, pointing out that determining the price of a butane cylinder is not subject to the price equation that concerns petroleum products from gasoline, diesel, and diesel, as the price of the butane cylinder is still supported by the state and has no relationship Pricing committee.
And she was «Today’s News Portal» I have monitored the expectations of oil sector experts, most of which came to reduce gasoline prices during the next hours by between 7 to 10%, which is the ratio determined by law by the Committee for the automatic pricing of petroleum materials formed by the decision of the Council of Ministers in June 2019, which would please the Egyptian street.
It should be mentioned that the last interventions of the automatic pricing mechanism for petroleum products every 3 months since they began to be applied to gasoline prices in Egypt were as follows:
The prices of petroleum products, Friday 02 January 2020
Gasoline 80: 6.50 pounds
Gasoline 92: 7.75 pounds
Gasoline 95: 8.75 pounds
Solar: 6.75 pounds
It is worth noting that the automatic pricing committee for petroleum products will meet today, to review the prices of petroleum products due to be applied during the next three months and the official newspaper, has published a decision of the Prime Minister, Mustafa Madbouly, on the sixth of last July to take over the committee formed to follow up the automatic pricing mechanism for petroleum products , Determining the selling prices of petroleum products every 3 months, provided that the percentage change in the selling price to the consumer does not exceed an increase or decrease of 10% of the effective selling price.
The decision indicated that, as of the end of last June, the government started applying the automatic pricing mechanism to petroleum products except for butane and petroleum products used in the electricity and bakery sectors, after reaching to cover the cost and the decision means that the prices of petroleum products will be reviewed in the local market every 3 months, According to this mechanism, and therefore the committee’s decision on the first of October this is the first actual application after the government’s decision on the fifth of July to raise the prices of petroleum products by rates ranging between 16% and 30%, and reach each other to the cost level and includes the automatic pricing mechanism equivalent The price range includes the international price of Brent crude and the exchange rate, as well as other costs, which will be revised periodically, according to the Prime Minister’s decision, and includes representatives from the Ministry of Petroleum and Mineral Resources and representatives from the Ministry of Finance and the Egyptian General Petroleum Corporation, who are nominated by the competent minister.