Know the sale prices of gasoline and diesel until the end of 2020

The Committee on Automatic Prices of Petroleum Products, which is in charge of reviewing and determining the sale prices of some petroleum products on a quarterly basis, at its last meeting held after the end of last September, decided to set the sale price of petroleum products. gasoline of all three types in the local market at 6.25 pounds per liter for 80 gasoline and 7.5 pounds for 92 gasoline AND at 8.5 pounds per liter for 95 gasoline and 6.75 pounds per liter for diesel, the selling price of a ton of diesel for non-electric and bakery uses was set at 3,900 pounds per ton.

The commission clarified that prices were not reduced in the previous quarter to meet the expected price increase during the current quarter, in confirmation of the principle of transparency and credibility of the commission towards the public, since this recommendation and approach was announced in the previous quarter.

The committee’s decision arises from its commitment to what was announced in July 2019 to apply the automatic pricing mechanism to some petroleum products, as is the case in many countries around the world, since the mechanism aims to adjust the prices of sale of some petroleum products in the local market, up and down every quarter, according to development. What happens to the two most important and specific influences of the cost of making petroleum products available and selling in the local market, namely: the global price of a barrel of Brent crude and the change in the price of the dollar against the pound , in addition to other charges and fixed costs, which are adjusted each year in conjunction with the approval of the Egyptian General Petroleum Authority’s budget for the previous fiscal year by the agency? Central Audit Agency.

The committee emphasized that its recommendations and decisions are aimed at enhancing credibility and commitment to what was previously announced to the Egyptian people, adding to the credibility and transparency of state institutions in their daily work aimed at serving citizens. .

In its report, the committee clarified its continuous close monitoring of the evolution of world oil prices, the exchange rate in force in the local market and its commitment to apply the automatic pricing mechanism according to the established parameters, taking taking into account the avoidance of any distortion in the setting of prices of petroleum products in the local market that may lead to a defect in the price system of petroleum products.

The committee emphasized that the main objective of the application of automatic prices is to create a clear mechanism that provides a vision of the future for everyone: individuals, companies and institutions, on the direction of the prices of petroleum products in the local market, according with what is in force in most of the countries of the world, since Egypt adopted this mechanism since last July. . The mechanism also provides a degree of flexibility and the ability to empower state institutions to better serve citizens.