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 evaluation will be assumed by a committee formed by the Ministry of Petroleum and Mineral Resources. The consumer prices of the fuel will go up or down by just 10 percent, and will include the taxes. Fuel supplied to the electricity sector and bakeries producing traditional subsidized bread as well as butane gas cylinders will continue to be subsidized.
The Ministry of Supply and Internal Trade issued a statement on Saturday clarifying that it will continue to subsidize the price of diesel fuel used by bakeries producing traditional subsidized bread.
The number of subsidized bread loaves produced by day ranges from 260 million to 275 million. The consumer price is fixed at five piasters per loaf.
The government introduced on Friday the fifth and final tranche of fuel subsidies cut.
Egypt Today
