Egypt's Fuel Pricing Committee Set to Review Petroleum Rates in October Amid Global Market Shifts

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

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.

This assessment 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, stated that contracts for petroleum products will remain in effect until September 30, meaning 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 and noted that the committee only convenes when there are sufficient fluctuations in crude oil prices to warrant a review.

Kamal emphasized that setting prices for petroleum products in the local market is not a unilateral decision by the Petroleum Ministry, but is instead 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 due to ongoing wars and tensions in various parts of the world, Kamal said. He noted that any external developments regarding these issues could have a direct or indirect impact on energy markets, adding that the difficulty in predicting fuel prices for the near future stems primarily from 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, while anticipating no significant changes in fuel prices in the immediate future.