The relevant Petroleum Products Pricing Committee has set a schedule for increasing gasoline prices in Egypt and studied the scenarios for petroleum prices scheduled to be implemented in the first quarter of 2024. Continue the article with us to learn more details.
Schedule of gasoline price increases in Egypt
Through our website, “Balad News,” we present to you the schedule for increasing gasoline prices in Egypt, as government sources told “Al Arabiya Business” that the committee will finish preparing a proposal for petroleum products prices for the first quarter of next year during December. In preparation for presenting it to the Council of Ministers before taking the final decision on the structure of fuel prices in Egypt, Egypt has been implementing a mechanism for automatic pricing for some petroleum products since July 2016 after adopting a program that it implemented over several years to liberalize fuel prices. The Automatic Pricing Committee for Petroleum Products sets prices every 3 months. The sources stated that the committee is currently evaluating the global Brent crude price curve during the three months “October, November, and December” and its rates of rise and fall, provided that it takes an average price of crude oil and compares it with the approved price of a barrel of oil in the state’s general budget for 2023-2024, which is estimated at about $80 per barrel, taking into account The global oil price is the primary determinant of the structure of fuel prices in Egypt.
Gasoline prices with a new increase in 2023
- The price of gasoline 80 before the increase was about 8.75 pounds. The price of gasoline 80 today is 10 pounds per liter.
- The price of 92 gasoline before the increase was about 10.25 pounds. The price of 92 gasoline today came at 11.50 pounds per liter.
- The price of 95 gasoline before the increase was about 11.50 pounds. The price of 95 gasoline today is 12.50 pounds per liter.
Reasons for increasing gasoline prices
The Automatic Pricing Committee fixed the price of diesel today at 8.25 pounds per liter. The fixing of the price of diesel came despite the increase in the price gap between the cost of providing it and the price of selling it in the local market, out of concern for the public good, because of its impact on the means of transporting passengers and goods, noting that the latest increase in the price of diesel In the domestic market it was in May 2023.
Sometimes these increases occur every 3 months, and at other times prices remain fixed for several months without increases as decided by the pricing committee.
2023-12-16 18:44:46
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