Cairo – Mubasher: The Egyptian petroleum ministry decided to maintain the price of 95-octane fuel at EGP 7.75 per litre through the second quarter of 2019.
This came following the indexation mechanism committee’s meeting on Sunday, the petroleum ministry said in a statement.
The committee’s decision was based on the EGP-USD exchange rate in light of the Central Bank of Egypt’s (CBE) data announced for Q1-19, as well as global oil prices in the same period, the ministry indicated.
In January, petroleum minister Tarek El Molla said that Egypt was planning to introduce an automatic price indexation mechanism on 95 octane gasoline as of 1 April in order to limit price changes to 10%.
El Molla emphasised that the government does not plan any increase in price during Q2-19.
