[ad_1]
Read also:
New gasoline price
During the last meeting, the committee reviewed the average world crude prices and the exchange rate of last June / October 2020 compared to the period March / June 2020, taking into account that the price equation and the standards declared for the committee’s work requires price adjustments up and down with a maximum of 10% just to protect consumers and the state budget. Both of them.
The price of petroleum products.
In light of the unprecedented exceptional circumstances facing global oil markets, as well as global and local economic conditions as a result of the emerging Corona virus crisis, and with the expectation that the sharp drop in global oil prices oil does not continue, it was decided to save part of the savings achieved by the cost reduction to meet the expected increase in costs during the next period, in addition to facing the increasing burden of facing the consequences of the Crown crisis.
Gasoline price in Egypt now
On Wednesday, October 7, 2020, the Egyptian government decided to set the latest prices for petroleum products in the local market, for a period of three months from October to the end of 2020, following a recommendation from the Committee on Automatic Prices of Petroleum Products. , and according to the decision, the sale price of petroleum products of all kinds was preserved. All three: 6.25 pounds for a liter of gasoline 80, 7.50 pounds for a liter of gasoline 92, 8.50 pounds for a liter of gasoline 95 and 6.75 pounds for a liter of diesel.
Reasons for the New Gas Prices
This decision was the fourth of the committee after applying the automatic pricing mechanism to most petroleum products after reaching the cost price in July 2019, after implementing a program to lift the subsidies to these products for several years, since the decision of the price committee is determined quarterly, based on the change in the average international price of Brent crude, as well as the change in the exchange rate of the pound during the three months prior to the determination of the new price.
Petroleum Products Price Committee
In a statement at the time, the committee said its pricing recommendations arose in light of the exceptional situations the world is experiencing as a result of the negative impact of the Corona pandemic on global economic activity and markets in China. oil and energy, especially during the period (June / October 2020), and indicated that there were strong fluctuations in prices. Global Petroleum and the almost total suspension of economic activity in many countries in the world given the uncertainty that prevailed during that period.
The committee clarified that it has reviewed the expectations of all international institutions and international expert houses, which expect an effective increase in the prices of Brent crude during the first quarter of 2021 compared to the prices that prevailed in the second quarter of the same year. , and affirmed that maintaining the sale prices of petroleum products will contribute to preserving price stability in the local market and avoiding the effect of large fluctuations in international prices.
According to the decision of the increase approved today by the President on the result of the increase in the price of gasoline destined for the construction and maintenance of public roads, according to what was published in the Official Gazette recently, the decision stipulated that after reviewing the constitution and Law No. 53 of 1973 on the general budget of the state and its executive regulations and Presidential Decree No. 158 of 1980 that establishes a special account for the product of the increase in gasoline prices destined to the construction and maintenance of public roads, and Presidential Decree No. 490 of 1988 on the product of the increase in gasoline prices for the construction and maintenance of public roads.
And based on what was decided by the Council of State and with the approval of the Council of Ministers, the following has been decided:
Article 2: This decision will be published in the Official Gazette and will enter into force as of the day following the date of its publication.
[ad_2]
