Egypt raises fuel prices by 7-10% per litre

Egypt raised the price of gasoline in the local market by 0.75 to one Egyptian pound per litre effective on Thursday at 2am, according to a statement issued by the Ministry of Petroleum and Mineral Resources on Wednesday night.

A litre of 92-octane was raised by 10.8 percent to reach 10.25 pounds, up from 9.25 pounds and a litre of 95-octane reached 10.75 pounds after it was 11.50 pounds, recording 6.9 percent increase respectively.

The price of 80-octane gasoline rose by 9.3 percent from eight pounds to 8.75 pounds per litre, while a litre of 95-octane reached 10.75 pounds after it was 11.50 percent, recording 6.9 percent increase.

Egypt’s Fuel Automatic Pricing Committee (FAPC) is scheduled to convene every three months to assess the prices of petroleum products and propose changes in line with the international price of Brent crude oil and the price of the dollar.

FAPC stated that the selling price of a ton of diesel for other than electricity and bakery uses will be 6,000 pounds per ton, as it decided to fix the selling price of diesel at 7.25 pounds per litre and fix the price of diesel fuel supplied to electricity and food industries.

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