Egypt’s fuel automatic pricing committee Oks fixed fuel prices

Egypt’s Fuel Automatic Pricing Committee endorsed on Tuesday keeping current fuel prices fixed until the end of the year, an official source who asked to remain anonymous told Ahram Online.

According to the source, the committee has drafted a report that lists all the causes behind its price fixing endorsement, including the dollar price in the Egyptian market and the global average price of oil, and it will submit it to the prime minister to set the new prices which will be applied the day after its announcement.

In July, Egypt’s government issued a decree forming the fuel automatic pricing committee, which is responsible for setting fuel prices according to global prices, and for reviewing the prices every three months.

In the same month the government lifted fuel subsidies entirely.

The government has raised the fuel prices five times since 2014.

In this regard, Egypt’s petroleum ministry spokesman Hamdy Abdel Aziz told Ahram Online that ten new prices have not yet been decided and the recommendation of the committee will be submitted to both the petroleum minister and the finance minister before being submitting to the prime minister to ratify the new prices.

Source: Ahram Online