The Automatic Pricing Committee for Oil Derivatives is preparing for a meeting to set fuel prices in Egypt, during the first week of next July (2023), a meeting that comes after a few weeks of moving diesel prices alone, which raises speculation about trends. The government towards moving prices again, or not.
Informed sources revealed, in exclusive statements to the energy platform, that the government is stable not to raise the price of diesel “diesel” during the third quarter of this year (2023), and to be content with the increase recently approved by the Petroleum Derivatives Pricing Committee.
The sources pointed out that fuel prices in Egypt may witness an increase in relation to the prices of gasoline of all kinds, during the meeting of the automatic pricing committee, with values ranging between 75 Egyptian piasters and Egyptian pounds (0.024 and 0.032 US dollars).
At the same time, the sources did not rule out the possibility of the Automatic Pricing of Oil Derivatives Committee resorting to fixing fuel prices in Egypt during the third quarter of this year, due to the current decline in global oil prices.
Diesel prices in Egypt
On May 3, the Pricing Committee announced a new movement in fuel prices in Egypt, by raising the price of diesel, and fixing the prices of gasoline and other derivatives. This increase came in the wake of the largest increase in gasoline prices in terms of value, in 3 years, with the liberalization of prices.
The Ministry of Petroleum and Mineral Resources moved the selling price of diesel, in conjunction with the decline in the exchange rate of the Egyptian pound against the US dollar, in addition to the rise in the cost of a liter of diesel for the state to 12.25 pounds ($0.40).
The ministry raised the selling price of diesel by one pound, to 8.25 pounds ($0.27) per liter. While the state bears the difference of 4 pounds, in the form of subsidies, after the cost of selling it was equivalent to the cost of providing it, according to what was seen by the specialized energy platform.
Fuel prices in Egypt now
After the recent announcement of the Automatic Pricing Committee for Petroleum Products, on May 3, 2023, which included raising diesel prices, after reviewing the price equation and implementing the mechanism for applying automatic pricing, fuel prices in Egypt became as follows:
- The price of a liter of diesel (diesel) and kerosene is 8.25 pounds.
- The price of a liter of 80 petrol is 8.75 pounds.
- The price of a liter of 92 petrol is 10.25 pounds.
- The price of a liter of 95 petrol is 11.50 pounds.
- The price of a ton of diesel, other than electricity and bakery uses, is 6 thousand pounds.
(One US dollar equals 30.90 Egyptian pounds)
It is noteworthy that fuel prices in Egypt are determined by the Petroleum Pricing Committee, which was formed by Prime Minister Mostafa Madbouly, by a special decision, to hold its meetings on a quarterly basis, in order to approve the new prices, after studying several factors, including international oil prices.
Egypt liberalized fuel prices in early July 2019, with the approval of new pricing mechanisms every 3 months, through the committee, whose membership includes representatives of the Ministries of Petroleum and Mineral Resources and Finance, and which was obligated not to set an increase or decrease exceeding 10% of the current prices. .
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