The Egyptian Ministry of Petroleum said in a statement that the automatic pricing committee for petroleum products raised fuel prices on Friday, for the second time in a row since its establishment in October 2019 after completing subsidy reforms.
The last time prices were raised was last April, as Egypt, a net oil importer, proceeded with a gradual end to subsidies on fuel products as part of an IMF-backed reform program. Prices remained stable over the previous year after being cut in April 2020 and October 2019.
The ministry added in a press statement that Egypt raised the price of octane 95 gasoline to nine pounds per liter from 8.75 pounds, 92nd gasoline to eight pounds from 7.75 pounds, and 80-octane gasoline to 6.75 pounds from 6.50 pounds.
It was decided to fix the selling price of diesel at 6.75 pounds per liter, as well as fixing the selling price of diesel for the industrial sector at 3900 pounds per ton.
The ministry said that the Petroleum Products Automatic Pricing Committee reviewed the average prices of Brent crude in the global market and the dollar exchange rate against the pound for the period from April to June 2021, which are the most important “influencing and determining the cost of providing and selling petroleum products in the local market, in addition to other burdens and costs.”
She added that the committee’s recommendations came “in light of the current conditions the world is going through, such as the extreme fluctuation in global prices, according to what the world sees of various events, such as Covid-19 and the reduction of (crude) production.”