The Egyptian government decided to increase gasoline prices by 25 piasters (a quarter of an Egyptian pound), starting from today, Friday, until the end of next December.
The Minister of Petroleum and Mineral Resources, Tariq El-Molla, issued 3 decisions, which included an increase in the prices of gasoline and car gas by a quarter of a pound per liter.
The new gasoline prices in Egypt were as follows:
80 liters of gasoline: 7 pounds
A liter of gasoline 92: 8.25 pounds
95 liters of petrol: 9.25 pounds
Tons of diesel for the industrial sector: 4200 pounds
Cubic meter of natural gas for cars: 3.75 pounds
Gasoline price increase in Egypt
On July 23, the Automatic Pricing Committee in Egypt announced an increase in gasoline prices, bringing the price of petrol 80 to 6.75 pounds per liter, 8 pounds per liter of gasoline 92, and 9 pounds per liter of gasoline 95, and the committee decided to fix the selling price of diesel at 6.75 pounds per liter, as well as fixing The price of diesel for the industrial sector is 3900 pounds per ton.
At that time, the committee said that it had taken its decision based on the average prices of Brent crude in the global market and the exchange rate of the dollar against the pound for the period April/June 2021, which are considered the most important factors affecting and determining the cost of providing and selling petroleum products in the local market, in addition to other burdens and costs.
The Fuel Pricing Committee, which includes representatives of the Ministries of Petroleum and Finance, relies in its decision on measuring the level of international oil prices, exchange rates, transportation, operating and production costs, and meets quarterly to review fuel prices, move them up or down by 10%, or stabilize them.
Budget oil price
The Egyptian Ministry of Finance set the price of a barrel of oil in the 2020-2021 budget at $61, down from $68 in the previous budget.
On Thursday evening, Brent crude futures were traded at $81.95 a barrel, while US crude recorded $78.30 a barrel.
Oil markets are rising steadily due to demand recovering more quickly than expected from the Covid-19 pandemic in major import markets such as China.
“The oil market looks tighter in the short term, indicating that prices will remain well supported through the end of the year,” ING analyst Warren Patterson said in a note.
Major producers and the International Energy Agency believe that demand for crude could rise from 150,000 barrels per day to 500,000 barrels per day in the coming months as natural gas users switch to oil due to higher gas prices.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed this week to only gradually increase production, pushing crude prices to multi-year highs.
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