Gov’t keeps fuel prices on hold across the board
The government’s fuel pricing committee left the price of all fuel grades unchanged during its quarterly meeting this week, according to an cabinet statement on Wednesday. The price of 95-octane remains EGP 8.50 per liter, 92-octane is EGP 7.50 per liter, and 80-octane is EGP 6.25 per liter. Gas oil prices will also remain 6.75 pounds a liter.
The committee decided to maintain the current rates following a review of Brent prices, the effect of the global pandemic on oil and energy markets, and FX rates from April to June, according to the statement. Reuters also covered the announcement.
Background: The fuel pricing committee was formed early last year and meets every quarter to review fuel prices. The committee cut fuel prices by EGP 0.25 across the board when it last convened in April.