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The Committee on Automatic Pricing of Petroleum Products on the review and determination of prices of some petroleum products on a quarterly basis in its last meeting held after the end of last September, reduced the sale price of three types of gasoline products in the local market 25 piasters per liter to become 6.5 pounds for gasoline 80, and 7.75 pounds for gasoline 92, The price of a ton of diesel for industrial uses was reduced by 250 pounds to 4250 pounds as of 12 am.
The decision comes in light of the decline in the price of Brent barrel in the global market during the period from July to September 2019 to average about 62 dollars per barrel, and the decline in the value of the dollar against the pound to achieve an average of about 16.60 pounds to the dollar during the period from July to September 2019, the committee said. The same period.
The committee's decision comes from the committee's commitment to what was announced last July to apply the automatic pricing mechanism on some petroleum products as it is used in many countries of the world, where the mechanism aims to adjust the sale prices of some petroleum products in the local market up and down every quarter, according to The international price of Brent crude oil, and the change in the dollar price against the pound other than burdens and other fixed costs, which are adjusted during September of each year in light of the adoption of the budget. For the previous fiscal year by the Central Auditing Organization. According to the final account for 2018/2019, other fixed costs increased slightly, prompting the Committee to keep the sale price of diesel in the domestic market unchanged.
The Committee on Automatic Pricing of Petroleum Products in its report, continued to follow closely developments in international oil prices, 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 the avoidance of any distortions in the pricing of petroleum products in the domestic market may lead to a defect in the Price system for petroleum products.
The Committee pointed out that the main objective of the application of automatic pricing is to create a clear mechanism that provides a future vision for all: individuals, companies and institutions, on the trend of prices of petroleum products in the domestic market, as is the practice in most countries of the world since Egypt adopted this mechanism since last July . The mechanism also provides a degree of flexibility and capacity to enable state institutions to provide the best service to citizens.