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Reducing the sale price of gasoline in Egypt by 25 piasters per liter

2019-10-03T18:34:09.949Z

The Committee on automatic pricing of petroleum products in Egypt, decided to reduce the sale price of three types of gasoline products in the domestic market by 25 piasters per liter to become 6.5 pounds for gasoline 80, 7.75 pounds for gasoline 92, 8.75 pounds for gasoline 95, and reduce the price of a ton of diesel for industrial uses by 250



The Committee on automatic pricing of petroleum products in Egypt, decided to reduce the sale price of three types of gasoline products in the domestic market by 25 piasters per liter to become 6.5 pounds for gasoline 80, 7.75 pounds for gasoline 92, 8.75 pounds for gasoline 95, and reduce the price of a ton of diesel for industrial uses by The price of Brent barrel in the global market during the period from July to September 2019 to average about 62 dollars per barrel, and the depreciation of the dollar against the pound to achieve an average of about 16.60 pounds to the dollar during the period from July to September 2019. The same period, according to the site "the seventh day."
This comes as a result of the committee's commitment to what was announced last July to apply the automatic pricing mechanism on some petroleum products, as is the case in many countries around the world, where the mechanism aims to adjust the sale prices of some petroleum products in the local market up and down every quarter, according to evolution The global price of Brent crude oil, and the change in the dollar price against the pound other than burdens and other fixed costs, which are adjusted during the month of September of each year in light of the adoption of the budget for the first year. Mali, the former by the Central Auditing Agency. According to the final calculation for 2018/2019, other fixed costs increased slightly, prompting the Committee to keep the sale price of diesel in the domestic market unchanged.
The Committee on Automatic Pricing of Petroleum Products in its report, continued to follow closely developments in international oil prices, the prevailing exchange rate in the local market, and its commitment to the application of automatic pricing mechanism in accordance with the established parameters, and taking into account the avoidance of any distortions in the pricing of petroleum products in the local market may lead to a defect Price system for petroleum products. The Committee pointed out that the main objective of the application of automatic pricing is to create a clear mechanism that provides a future vision for all: individuals, companies and institutions, on the trend of prices of petroleum products in the domestic market, as is the practice in most countries of the world since Egypt adopted this mechanism since last July . The mechanism also provides a degree of flexibility and capacity to enable state institutions to provide the best service to citizens.

Source: emara

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