According to Enterprise, the prices of 95 octane gas may fluctuate up or down by 10% when a new pricing mechanism comes into effect in April of this year. This initially means that the price of 95 octane gasoline will remain the same until 2Q2019 and potential cuts or raises will not exceed 10%.
The government intends to also apply the new pricing mechanism on other fuel grades in June, after it lifts subsidies on gasoline.
According to Reuters, the Egyptian Oil Minister, Tarek El Molla, stated: “This does not mean an increase in price during the second quarter of this year. The price may fall or rise or stabilize at its current rate.”
He also added that an ad hoc committee will proceed to determine and follow up on the automatic pricing mechanism in the first quarter of 2019, and to also review the price formula that will be implemented in the mechanism.
