Egypt raises gasoline price by 25 piastres; diesel remains unchanged at LE 6.75

CAIRO – 15 April 2022: Egypt’s Fuel Automatic Pricing Committee decided Friday to increase the prices of gasoline in the local market by 25 piastres per liter, the Ministry of Petroleum announced.

However, the diesel price remains unchanged at LE 6.75.

Egypt earlier increased gasoline prices by 25 piasters per liter several times past year and once this year in February.

The new prices as per Friday’s hike are LE 7.50 for 80 octane gasoline up from LE 7.25; LE 8.75 for 92 octane gasoline up from LE 8.50, and LE 9.75 for 95 octane gasoline, compared to LE 9.50.

The Fuel Automatic Pricing Committee is formed from representatives of the finance and petroleum ministries and is assigned with reviewing gasoline prices in Egypt every three months.

The committee assesses the cost of transportation of fuel, the prices of the brent crude as well as the exchange rate of US dollar against the Egyptian pound to issue its decision to raise or decrease gasoline prices.

The latest time Egypt decreased gasoline prices was in April 2020 by 25 piasters per liter.

The increase comes amid a global hike in oil and gas prices in the wake of the Russian invasion of Ukraine, which has continued since 24 February.