July 8, 2020 / 7:33 PM / a month ago

UPDATE 1-Egypt keeps domestic fuel prices unchanged -statement

(Adds details, background)

CAIRO, July 8 (Reuters) - Egypt kept domestic fuel prices unchanged on Wednesday under a 3-month pricing mechanism that links energy prices to international markets, the petroleum ministry said.

The price of 95-octane fuel was kept at 8.50 Egyptian pounds ($0.5322) a litre, 92-octane fuel at 7.50 pounds a litre and 80-octane fuel at 6.25 pounds a litre. Gas oil prices will remain 6.75 pounds a litre.

The pricing committee decided to keep prices steady after reviewing global Brent crude prices and the currency exchange rates during April-June, the ministry said in a statement. It also noted the effect of “the coronavirus pandemic on global economic activity and the oil and energy markets.”

Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform programme. ($1 = 15.9700 Egyptian pounds) (Reporting by Alaa Swilam and Ahmed Ismail; Writing by Mahmoud Mourad; Editing by Dan Grebler )

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