Arabic: A meeting of the Gasoline Pricing Committee within a week

02:29 PM

Thursday, March 21, 2024

Cairo – Masrawy:

The Fuel Pricing Committee – which sets fuel prices in the market – will hold a meeting within a week to determine the new prices, according to what Al Arabiya Business reported from an unnamed government official on Thursday.

In November 2023, the Egyptian government decided to raise the prices of all types of gasoline by a value ranging between one pound and 1.25 pounds per liter.

This came within the decisions of the Automatic Pricing Committee for Petroleum Products concerned with following up and implementing mechanisms for implementing automatic pricing for petroleum products on a quarterly basis, for the fourth quarter of last year.

The government’s Automatic Pricing Committee for Petroleum Products holds a meeting every 3 months (it is supposed to be in the first week of January, April, July and October of each year) to determine the fate of fuel prices, but this meeting may sometimes be delayed to be held at any time in the following two months during The same quarter.

The government reviews the prices of petroleum products every 3 months through the committee formed by a decision of the Prime Minister since July 2019, based on developments in international oil prices (the average price of Brent crude during the quarter preceding the decision), and the exchange rate of the pound against the dollar, in addition to the burdens of operation inside Egypt. The percentage of increase or decrease shall not exceed a maximum of 10%.

Finance Minister Mohamed Maait said in a statement that more than 147 billion pounds have been allocated to support petroleum products in the new budget for the next fiscal year 2024-2025 due to the rise in global oil prices and the impact of the change in the exchange rate.

The Central Bank reduced the price of the pound earlier this March, and the exchange rate now traded at about 47 pounds in banks after it was at about 31 pounds.

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