Mohamed Seif Eldin-Cairo
The Egyptian government has cut prices of some petroleum products by 25 piasters on Thursday, local media reported.
The Committee on Automatic Pricing of Petroleum Products, which reviews and determines the prices of some petroleum products on a quarterly basis at its last meeting held after the end of last September, approved the reduction of the selling price of the three gasoline products.
The prices were as follows: 80 liters of gasoline for 6.5 pounds, 92 gasoline for 7.75 pounds, gasoline 95 by 8.75 pounds, and the reduction of the price of a ton of diesel for industrial uses by 250 pounds, to become 4250 pounds.
The committee explained that the decision came in the light of the decline in the price of Brent barrel on the world market during the period between July and 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 per dollar during the same period.
The Ministry of Finance estimated the price of a barrel of oil in the budget for the current fiscal year 2019-2020 at the level of $ 68 per barrel.
Since the end of June, the Egyptian government has introduced an automatic pricing mechanism for fuel prices: gasoline and diesel.
He ruled out some traders - in their talk to the island Net - that there will be any decline in prices in the coming period after the reduction of gasoline prices of all three types, especially consumables and vegetables, pointing out that most of the means of transport depends on the use of diesel and not gasoline, and farmers use it in the operation of irrigation equipment .