Fuel prices in Egypt rise by 50 piasters, LE 1

CAIRO – 13 July 2022: Fuel prices in Egypt witnessed on Wednesday an increase ranging from 50 piasters to LE 1 per liter in the local markets, as per a decision issued by the Fuel Automatic Pricing Committee, the Ministry of Petroleum said in a statement.

The new prices are LE 8 for 80 octane gasoline up from LE 7.25; LE 9.25 for 92 octane gasoline up from LE 8.75; and LE 10.75 for 95 octane gasoline, up from LE 9.75.

As for diesel fuel, its price went up for the first time in 3 years. The committee increased it by 50 piasters to go up to LE 7.25 from LE 6.75.

Meanwhile, the price of a ton of diesel for industries rose by LE 400, bringing it to reach LE 5,000/ton. However, the prices of diesel supplied to the food and electricity industries remained unchanged.

The decision came into force on Wednesday morning at 9 am at petrol stations nationwide.

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 the US dollar against the Egyptian pound to issue its decision to raise or decrease gasoline prices.

Globally, crude oil prices skyrocketed due to the ongoing Russian-Ukrainian crisis, as the price of Brent crude oil exceeded $130 per barrel during the month of March. As a result, the prices of fuel and petroleum products have been affected in all countries of the world.

All countries, no matter how strong their economies are, resorted to increasing fuel prices. The fuel price in the United States skyrocketed in June reaching $5 per gallon. This was the first huge increase in fuel prices in the history of the United States.

The European continent as a whole suffers from a real deficit due to this crisis, amounting to more than 1 million barrels per day in the supply of diesel and gasoline.

Egypt is keen to take into account the social dimension when it comes to fuel pricing as the country bears the price difference after the global average price of gasoline reached $1.47 per liter in early July.

In a press conference on the state’s policy in dealing with the Ukrainiam-Russian crisis on June 15, 2022, Egyptian Prime Minister Mostafa Mabouly said that the state did not change the price of diesel despite the increase in fuel prices globally.