Egypt raises fuel prices.. 8 pounds per liter
Early Friday, the Egyptian Official Gazette published a decision by the Ministry of Petroleum to raise domestic fuel prices starting at nine o'clock on Friday morning.
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.
Last July, the committee decided to increase the prices of the three types of gasoline by 0.25 pounds as well, 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 had raised prices in April for the first time since its formation in October 2019 after completing the subsidy system 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.
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