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

The Fuel Automatic Pricing Committee (FAPC) in Egypt is set to convene in the first week of October to evaluate petroleum product prices and establish new rates, according to an official source. Before reaching a conclusion, the committee will study global oil price trends, regional and international factors influencing energy markets, and costs associated with supplying petroleum products.

This review aims to gauge the overall energy market dynamics, especially considering the current instability in global markets and the potential impact of geopolitical events on crude oil prices and supply.

Former Minister of Petroleum and current Head of the Senate Energy Committee, Osama Kamal, stated that contracts for petroleum products will remain valid until September 30, indicating that no price changes will occur before that date. The actual pricing of petroleum products will be determined following the FAPC meeting. Kamal clarified that the committee's decision to meet is contingent upon significant fluctuations in crude oil prices, and the ministry's responsibility is to implement any recommendations issued by the committee, which are subject to government approval.

The future outlook for gasoline and diesel prices remains uncertain due to ongoing conflicts and tensions worldwide. The committee's ability to predict fuel price trends in the near future is primarily hindered by the unpredictability of the global geopolitical situation. Kamal emphasized that a better understanding of when global stability might be achieved would improve the forecasting of oil and petroleum product price trends, but he anticipates no substantial changes in fuel prices in the immediate future.