01:20 PM
Friday, October 18, 2024
Books – Ahmed Wali:
The Petroleum Products Pricing Committee announced the postponement of its next session to be after 6 months, after raising the prices of all types of gasoline and diesel, as of this morning, Friday, October 18, 2024.
This is the third meeting of the Pricing Committee during 2024, as the committee raised the prices of all types of gasoline and diesel in the previous three meetings.
The government is supposed to review the prices of petroleum products every 3 months – but the Pricing Committee decided to postpone its next session to be after 6 months, according to a statement from the Ministry of Petroleum and Mineral Resources – through the committee formed by a decision of the Prime Minister since July 2019, based on developments. 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 operating burdens inside Egypt, provided that the percentage of increase or decrease does not exceed a maximum of 10%.
Last July, Prime Minister Mostafa Madbouly said that the prices of petroleum products would gradually rise until the end of 2025, adding that the government could no longer bear the burden of fuel subsidies amid increased consumption.