Business hub – cairo
Engineer Ibrahim Al-Arabi , President of the General Federation of Chambers of Commerce, President of the Cairo Chamber of Commerce, said: The decision to move the price of gasoline and diesel, It comes based on price changes in global markets and the state of the continuous rise in energy prices following Western sanctions imposed on the Russian economy. He stressed that the decision came on the basis of international changes.
He added that the decision will not have a real impact on the movement of prices of food commodities and basic commodities, especially after the decline in the basic inflation rate (for food commodities) during the past month, based on the estimates of the Central Bank and the Mobilization and Statistics Authority.
He pointed out that the markets may witness a slight confusion during the next two days due to the state of confusion in the process of pricing goods and calculating the transfer rate. Especially with the presence of a group of manipulators who take advantage of any new decisions or changes in the markets to achieve personal interests in violation of the Code of Conduct for Business, but it is expected that prices will stabilize at the beginning of next week,
He explained that the automatic pricing committee for petroleum products meets every 3 months to determine the prices of fuels in light of international prices and the prices of long-term contracts, so that the state budget and its allocations do not carry additional burdens. Stressing that the Petroleum Products Automatic Pricing Committee takes into account, in its decisions, maintaining market stability, And matching any increase in international prices with the consumer’s ability to adapt to the new prices.
He pointed out that the Russian-Ukrainian crisis is still going on. has a significant impact on global markets, Including Egypt, Therefore, the Egyptian government has been working since the outbreak of the crisis last February, in solidarity with the private sector and the Federation of Chambers of Commerce, to provide all commodities and put them out at rates that exceed the rates of withdrawal and daily consumption to contain any increase in prices that the mechanisms of supply and demand may cause, in all government outlets and Chambers of commerce exhibitions in all governorates with discounts that exceeded the 25% barrier, especially in the seasons in which the volume of demand for food commodities increases, such as the holy month of Ramadan and holidays.