On Thursday the Egyptian government reduced the price of petrol in the domestic market to 25 piasters per litre.
The new prices are EGP 6.5 for petrol 80, EGP 75. 7 for petrol 92, and EGP 75. 8 for petrol 95. The price of tons for diesel fuel for industrial use has been reduced by EGP 250 pounds to EGP 4,250.
According to a statement from the Ministry of Petroleum, the decision comes in light of the decline in the price of Brent oil in the global market during the period of July to September 2019 to average about $62 per barrel, and the depreciation of the dollar against the pound to achieve an average of roughly EGP 16.60 to the dollar during the same period.
The committee’s decision comes from its commitment to the announcement last July that an automatic pricing mechanism would be applied on some petroleum products, as is the practice in many countries, where the mechanism aims to adjust the sale prices of some petroleum products in the domestic market up and down every quarter.
In its report, the Committee on Automatic Pricing of Petroleum Products confirmed that it continues to follow closely the developments of international oil prices and the prevailing exchange rate in the domestic market, and its commitment to the application of automatic pricing mechanism in accordance with the established parameters, and taking into account that the avoidance of any distortions in the pricing of petroleum products in the domestic market may lead to imbalances in the price system of petroleum products.
Egypt has witnessed a recent wave of protests demanding the departure of Abdul Fattah al-Sisi after the actor and businessman Mohamed Ali revealed the extent of corruption within the government and the Egyptian army, while many Egyptians suffer from poverty and tight living conditions.
The speaker of the House of Representatives Ali Abdel Aal said that there will be economic and political reforms in the coming period.