Egypt’s Fuel Automatic Pricing Committee to hold meeting on fuel prices on October: Source

An official source revealed that the Fuel Automatic Pricing Committee (FAPC) will meet during the first week of October to review developments in petroleum product prices and determine new prices.

The source said that – prior to making any decision – the committee will examine global oil price trends, international and regional variables affecting energy markets, and factors related to the cost of supplying petroleum products, in preparation for setting the pricing policy during the anticipated meeting.

The assessment preceding the meeting aims to evaluate the overall dynamics of energy markets —particularly given the instability currently affecting global markets— and the potential impact of geopolitical developments on crude oil prices, as well as supply and energy costs.

Former Minister of Petroleum and current Head of the Senate Energy Committee, Osama Kamal, said that contracts for petroleum products will remain in effect until September 30.

Consequently, there will be no change in prices prior to that date.

He added that the pricing of petroleum products will be determined following the pricing committee’s meeting.

The committee does not convene unless there are enough fluctuations in crude oil prices to warrant a review, he noted.

Kamal emphasized that setting prices for petroleum products in the local market is not a unilateral decision by the Petroleum Ministry, but is based on a recommendation issued by the pricing committee with the final decision issued by the government.

The outlook for gasoline and diesel price trends in the coming period remains unclear, he said, given the ongoing wars and tensions in various parts of the world.

Kamal noted that any external developments regarding these issues could have a direct or indirect impact on energy markets.

He noted that the difficulty in predicting fuel prices for the near future stems primarily from the uncertainty surrounding the global geopolitical landscape.

Kamal explained that determining when lasting global stability might be achieved would better facilitate the forecasting of oil and petroleum product price trends, anticipating no significant changes in fuel prices in the immediate future.