CAIRO, July 6 (Xinhua) -- Egyptian Prime Minister Mostafa Madbouly said on Saturday that a special committee has been established to follow up the pricing formula of the petroleum products on a quarterly basis.
The selling price of these products on the local market will depend on the average global price of Brent crude and the exchange rate, except for butane-gas cylinders and petroleum products used by the state's electricity sector and bakeries, Madbouly was quoted by official MENA news agency as saying.
Any additional costs to be irregularly introduced will be taken into account, he noted.
The committee will further provide recommendations and proposals to ensure the proper implementation of the mechanism and address any problems or gaps that might arise when it is executed.
A day earlier, Egypt hiked fuel prices by up to 30 percent to help meet the terms of an International Monetary Fund (IMF) loan deal and push ahead the economic reform plans.
This is the fourth time the government has increased fuel prices since austerity measures were announced in late 2015.
Egypt's reform plans, including full local currency floatation, have been encouraged by a 12-billion-U.S.-dollar loan from the IMF, the last third of which was approved in May.
