Egypt raises fuel prices from this morning

Egypt raises fuel prices from this morning
Egypt raises fuel prices from this morning

Early today, Friday, the Egyptian Official Gazette published a decision of the Ministry of Petroleum to raise domestic fuel prices from nine o’clock on Friday morning (0700 GMT).

The decision stated that the price of 80 octane gasoline rose to seven pounds per liter (0.45 dollars), 92 octane gasoline to 8.25 pounds per liter and 95 octane gasoline to 9.25 pounds per liter. The increase amounted to 0.25 pounds in each type.

The Fuel Automatic Pricing Committee conducts a price review every three months.

The committee decided last July Increasing the prices of the three types of gasoline Also, by 0.25 pounds, citing the severe fluctuations in global oil prices and the consequences of the Corona virus pandemic and the reduction of global oil production.

The committee also raised prices in April for the first time since its formation in October 2019, after completing subsidy reforms.

Egypt, a net oil importer, decided to increase fuel prices in July 2019, when it finished phasing out fuel product subsidies under an IMF-supported reform program.

According to the Official Gazette, diesel prices will continue to work for the rest of the sectors at EGP 1,500 per ton for consumer delivery to the food industries determined by the Ministry of Trade and Industry, and EGP 2,500 per ton for consumer delivery to electricity and energy production companies whose production is sold by companies affiliated with the Ministry of Electricity and Renewable Energy.

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