Arab Finance: Egypt will resume the work of its automatic fuel pricing mechanism in the first quarter (Q1) of fiscal year (FY) 2026/2027, Prime Minister Mostafa Madbouly said during the cabinet’s weekly meeting.
In this regard, the Fuel Automatic Pricing Committee (FAPC) will resume its quarterly meeting between July and September to determine the fair price for petroleum products.
Madbouly affirmed that the hikes in fuel prices, announced last March, were a proactive measure to address challenges arising from the repercussions of the US-Iran conflict.
The price of a barrel of oil stood at $69 just one day before the regional war and reached $125 by April due to exceptional circumstances, he explained.
In April, the Ministry of Petroleum and Mineral Resources denied news circulating about another increase in fuel prices.