The Fuel Pricing Committee has announced that petrol sales prices were reduced by only 3.3 per cent in the local market, despite the decline in oil prices in the global market by more than 70 per cent since the beginning of the coronavirus outbreak. The price of a litre of gasoline (octane 80) decreased to EGP 6.25 ($0.40) instead of EGP 6.50 ($0.41) and a litre of gasoline (octane 92) to EGP 7.50 ($0.48) instead of EGP 7.75 ($0.49), and a litre of gasoline (octane 95) to EGP 8.50 ($0.54) instead of EGP 8.75 ($0.55). Expectations were that it would be reduced 10 per cent or more in light of the decline in international oil prices to more than 70 per cent amid a sharp decline in demand due to the pandemic.
Social media users greeted the decision with anger and ridicule and considered it disappointing. The committee said that it decided to reduce prices by a small amount to achieve a financial surplus that would help the state in its plan to face the epidemic.
The fuel pricing committee was formed at the beginning of last year to review petrol prices on a quarterly basis, and to move them up or down in the range of 10 per cent in line with global oil prices, the dollar exchange rate, and the costs of transportation, operation and production.