Egypt's Fuel Automatic Pricing Committee (FAPC) said the per-liter prices of 80-octane, 92-octane, and 95-octane gasoline will be sold at LE 6.50, LE 7.75, and LE 8.75, respectively.
Minister of Petroleum and Mineral Resources Tarek al-Mulla stated that Egypt will not need to import liquid fuel by 2023.
During a meeting with Minister of Tourism and Antiquities Khaled el-Anani Wednesday, el-Molla said the new drive will be effective as of Jan.21 till the end of 2021.
Ministry of Local Development revealed an enlarged plan was presented by Prime Minister Mostafa Madbouly to convert 2,300 public buses in Cairo and Alexandria over five years.
Shaker explained that, within 4 years, 28 thousand megawatts were added, through a plan that relied on 3 axes, namely the construction of new stations, the development of existing stations, and the maintenance of stations.
Egypt's Fuel Automatic Pricing Committee (FAPC) has decided at its meeting held after the end of September to keep gasoline and diesel prices in the local market unchanged till December.
In spite of the increasing care given to renewable energy, particularly solar and wind, bioenergy is still overlooked.
Molla said in a statement that the total number of cars that have been converted since the start of activity has reached about 320,000 cars.
Additionally, crude oil imports have amounted to $119.93 million in April, compared to $227.33 million in April 2019, with a noticeable decline of about $107.940 million.
Diesel fuel prices also remained untouched at LE 6.75 per litre.
Egypt spent LE 60.1 billion on fuel subsidies in the same period a year earlier.
Egypt plans to cut spending on fuel subsidies by 47% in its 2020/21 budget to 28.193 billion Egyptian pounds ($1.8 billion), an explanatory note for its draft budget published on Tuesday showed.
International Monetary Fund expert (IMF) Subir Lall on Friday lauded a decision by the Egyptian fuel automatic pricing committee to reduce fuel products by 25 piasters.
The estimated cost of the project is $325 million, and it is expected to generate 2 billion kWH annually.
Thirty-five complaints had been raised by citizens even before the cut took place.
CAPMAS said that the monthly rate decreased due to the decrease in prices of food by 2.3 percent last month in comparison to the previous month.
Prime Minister Mostafa Madbouly issued a decree on Saturday mandating the review of fuel pricing quarterly per annum based on Brent crude oil price and the exchange rate.
The train fares will not change any time soon following the increase of fuel prices, Chairman of the Egyptian Railway Authority (ERA) Ashraf Raslan told Egypt Today.
Ministry of Petroleum is expected to announce new prices of octane gasoline 95 in accordance with the automatic pricing mechanism that was approved in January.
Egypt has been reducing fuel subsidies as part of an IMF-backed reform program that began in 2016, and is due to remove subsidies on most energy products by June.