Egypt’s fuel price indexation committee, decided to keep fuel prices unchanged on Thursday.
The committee which reviews and determines the prices of some petroleum products on a quarterly basis, maintained hold the price of three types of petrol products in the local market at EGP 6.5 per liter for 80 octane petrol, 92 octane petrol stands at EGP 7.75 per liter and at EGP 8.75 per liter of octane 95 peytol.
The committee also decided to keep the diesel price at EGP 6.75 per liter and hold the selling price of diesel tonnes for non-electricity and bakery uses at EGP 4250 per tonne.
The committee attributed the decision to the stability of crude oil prices from October 2019 to December 2019 at around $62.5 per barrel.
Furthermore, the decision was driven by the appreciation of the value of Egyptian pound against US dollar during the last quarter of 2019 as announced by the Central Bank of Egypt to achieve an average of EGP16.20 for the US dollar during the follow-up quarter.