The Automatic Pricing Committee for Petroleum Products, which is concerned with the follow-up and implementation of automatic pricing mechanisms on a quarterly basis, is preparing to meet soon, in its periodic meeting, in order to determine the selling prices of some petroleum products for the third quarter of 2021, following the decision of the committee and the approval of the Council of Ministers.
The process of automatic pricing of petroleum products depends on adjusting the selling prices of some petroleum products in the local market, up and down every quarter, according to the development that takes place for the most important influencers and determinants of the cost of making available and selling petroleum products in the local market, namely “the global price of a barrel of Brent crude, and the change in the dollar price against The pound is in addition to other fixed charges and costs, which are adjusted during the month of September of each year in light of the approval of the budget of the previous fiscal year by the Central Auditing Organization.
The Committee for the Automatic Pricing of Petroleum Products had decided, in its meeting held after the end of last March, to recommend stabilizing the prices of diesel at 6.75 pounds per liter and diesel for the industrial sector at 3900 pounds per ton and adjusting the current prices prevailing in the local market for the April/June 2021 quarter, as the selling price was adjusted. Gasoline products of its three types are as follows: 6.50 pounds per liter of 80 gasoline, 7.75 pounds per liter of 92nd gasoline, and 8.75 pounds per liter of 95 gasoline.
The main objective of applying automatic pricing is to find a clear mechanism that provides a future vision for everyone, individuals, companies and institutions, about the direction of petroleum products prices in the local market, in accordance with what is in place in most countries of the world.
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