Egypt’s Fuel Automaitc Pricing Committee announced that all types of gasoline will be cut by about 25 piasters per liter, effective as of April 11, according to a press release.
After the reduction, the price of octane 80 has reached EGP 6.25/liter, octane 92 reached EGP 7.50/liter, octane 95 was set at EGP 8.50/liter, and industrial mazut was set at EGP 3,900/ton.
This decision is driven by the value of the Egyptian pound against the US dollar which is currently valued at EGP 15.79 for the US dollar, taking into consideration Brent prices in the international market which have reached $31.48 on April 10, 2020; the lowest since 2004’s $30.11
The committee has been relying on an automatic pricing mechanism for some petroleum products, whereas the mechanism aims to adjust the selling prices of some petroleum products in the local market every quarter.
Previously in October 2019, the price of octane 80 was set at EGP 6.5/liter, octane 92 at EGP 7.75/liter, octane 95 at EGP 8.75/liter, and the price of industrial-use mazut reached EGP 4,250/ton; the prices remained unchanged in December 2019.