The automatic pricing committee for petroleum products chose on Saturday to keep the selling price of petroleum products on the local market unchanged for the next three months.

A statement released by the Oil Ministry said the decision came despite global economic conditions and their impact on the oil market following the Russian-Ukrainian war, which caused fluctuations in Brent crude prices, as well as the dollar exchange rate. assess.

The current prices are:

  • LE 8.00 per liter for Octane 80
  • LE 9.25 for Octane 92
  • 10.75 LE per liter of 95 octane
  • LE 7.25 per liter for diesel

The selling price of one ton of diesel for uses other than electricity and baking is LE 5,000 per ton.

The committee’s recent decision is based on its commitment to a cabinet decision in July 2019 to apply the automatic pricing mechanism to certain petroleum products, as is the case in many other countries.

The mechanism aims to adjust each quarter the sale prices of certain petroleum products on the local market, depending on the evolution that occurs for the most important determinants concerning the cost of petroleum products on the local market.

Two major determinants are the international price of a barrel of Brent and the variation in the price of the dollar against the Egyptian pound – in addition to other fixed costs and charges.