Egypt’s Government denied, Monday raising the fuel prices after amending the cost of fuel used in constructing and refurbishing public roads.
The Cabinet information center said in a statement, said that it contacted the Petroleum and Mineral Resources Ministry regarding the circulated news on raising the fuel prices, which refuted such news.
The ministry affirmed keeping the prices of selling fuel to customers unchanged, noting that the prices are quarterly updated by the Egypt's Fuel Automatic Pricing Committee (FAPC).
The FAPC is projected to announce the new prices of selling oil products for the coming three months - January, February and March - 2021.
Last October, FAPC has decided at its meeting held after the end of September to keep gasoline and diesel prices in the local market unchanged till December.
In a press release, the committee said the per-liter prices of 80-octane, 92-octane, and 95-octane gasoline will be kept at LE 6.25, LE 7.50, and LE 8.50, respectively.
Diesel fuel prices also remained untouched at LE 6.75 per liter.
The committee said that the decision was taken after following up the price of oil worldwide, exchange rates and transportation, operation and production costs.
The ‘automatic pricing mechanism’ aims at adjusting the sale prices of some petroleum products in the local market every three months, based on two key determinants in the domestic market, namely Brent Crude oil price and the change in the value of the USD against the Egyptian pound, according to the statement.
These two key determinants come beside other fixed charges and costs, which are being adjusted annually in September after the approval of the previous fiscal year budget by the Central Auditing Organization.
Egypt has adopted the automatic pricing mechanism since last July aiming to provide flexibility to enable state institutions to provide the best service for all citizens.