Egypt’s government to keep fuel prices unchanged in Q3

The committee is scheduled to meet during the first week of July

  
A worker fills a car's tank at the CO-OP petrol station in Cairo, Egypt April 2, 2020.

A worker fills a car's tank at the CO-OP petrol station in Cairo, Egypt April 2, 2020.

REUTERS/Mohamed Abd El Ghany

ArabFinance: The Egyptian government’s pricing committee is likely to remain fuel prices unchanged for the third quarter (Q3) of 2021, former oil minister Osama Kamal said in a TV program.

The committee is scheduled to meet during the first week of July to review fuel prices under a pricing mechanism that pegs prices to Brent crude and global exchange rates.

It will also discuss whether the recent rise of global oil prices warrants a hike in fuel prices here at home.

Brent eclipsed the $70 per barrel mark for the first time since October 2018 last week, and is now up to $75 per barrel. This is $10 above the benchmark price used to calculate the FY2021/2022 state budget.

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