The spokesperson for the Ministry of Petroleum and Mineral Resources in Egypt Hamdi Abdel-Aziz said that the Fuel Automatic Pricing Committee (FAPC) is scheduled to meet early July to determine the prices of petroleum products.
Speaking to the privately-owned satellite channel Sada al-Balad, Abdel-Aziz indicated that the FAPC meets every three months – its last meeting was on March 22.
He explained that the committee approves the prices of petroleum products according to a study of global crude oil prices, the US dollar the exchange rate, and the trading burdens of petroleum products.
“The basis for pricing gasoline, diesel, and petroleum products is oil and the dollar,” he noted.
Abdel-Aziz added that Prime Minister Mostafa Madbouly’s decision stated that an increase would be within 10 percent, and in the event of a reduction in prices the discount will also be 10 percent.
Fuel prices approved by the committee from March 22 until July, per liter:
- Octane 80: LE11
- Octane 92: LE12.5
- Octane 95: LE13.5
- Diesel: LE10
- Gas cylinder: LE100
