New gasoline price
During the last meeting, the committee reviewed the average global crude prices and the exchange rate for the past March / June 2020 compared to the period January / March 2020, taking into account that the price equation and the declared standards for the committee’s work require price adjustments up and down with a maximum of 10% only to protect consumers and the state budget on Both
The price of petroleum products
In light of the unprecedented exceptional circumstances that the global oil markets are going through, as well as the global and local economic conditions as a result of the emerging Corona virus crisis, and with the expectation that the sharp decline in world oil prices will not continue, it was decided to spare part of the savings achieved from cost reduction to meet the expected increase in cost during The coming period, as well as facing the increasing burden of facing the consequences of the Corona crisis.
Gasoline price in Egypt now
Reasons for new gasoline prices
This decision was the fourth of the committee after applying the automatic pricing mechanism to most petroleum products after reaching the cost price in July 2019, after implementing a program to lift subsidies on these products over several years, as the committee’s decision on prices is determined quarterly, based on The change in the average international price of Brent crude oil, as well as the change in the exchange rate of the pound during the three months preceding the determination of the new price.
Petroleum Products Pricing Committee
The committee said in a statement at the time that its recommendations for fixing prices came in light of the exceptional situations the world is going through as a result of the negative repercussions of the Corona pandemic on global economic activity and oil and energy markets, especially during the period (April / June 2020), and indicated that sharp fluctuations in prices occurred. Global Petroleum and the almost complete halt of economic activity for many countries of the world in light of the uncertainty that prevailed during that period.