05:53 PM
Wednesday 23 March 2022
Books – Ahmed El-Sayed:
A government source said that the committee for determining and following up the automatic pricing mechanism for petroleum products will hold its meeting to determine the prices of petroleum products for the second quarter of this year (April-June), at the beginning of next month.
According to the source, who asked not to be named, the committee will discuss the report on international oil prices, which currently exceed the $110 per barrel barrier, to take the final decision on the prices of petroleum products in preparation for presenting the decision of the Ministers of Petroleum and Finance to the Prime Minister to issue the final decision setting the prices of petroleum products. new.
The source expected an increase in the prices of petroleum products during the next quarter as a result of the rise in international oil prices and the exchange rate.
He stated that the report will include the change in international oil prices, as the average world oil price will be calculated during the quarter ending this March, as a guide, in addition to the change in the exchange rates of the dollar against the pound.
The source indicated that the committee’s decision will be in line with the Prime Minister’s decision that the percentage change in the consumer selling price should not exceed 10%, up or down from the current selling price, in accordance with the Prime Minister’s decision.
Prime Minister Mostafa Madbouly had issued a decision to implement the automatic pricing mechanism for petroleum products as of the end of June 2019.
It allows the product price to rise and fall, according to the change in cost elements, but with a maximum of 10% every 3 months, which contributes to reducing the cost of energy subsidies in the state’s general budget.
Last February, the Petroleum Products Pricing Committee raised gasoline prices for the fourth time in a row by 25 piasters, bringing the price of petrol 80 to EGP 7.25 per liter, the price of gasoline 92 to EGP 8.50 per liter, and the price of gasoline 95 to EGP 9.50 per liter.
Last February, the committee decided to fix the selling price of diesel at EGP 6.75 per liter.
The Ministry of Finance estimated the average price of a barrel of Brent crude at $60 during the current fiscal year, according to the financial statement for the new year’s budget 2021-2022, compared to $61 as the average price of a barrel of Brent crude during the last fiscal year.