Egypt ranks 7th globally for lower selling price of gasoline: Report

CAIRO - 2 March 2023: Global Petroleum Price revealed, in its reports, the countries with the cheapest gasoline prices in the world, and Egypt ranked 7th worldwide in terms of the lowest price for selling gasoline.

 

The report added that Egypt is the cheapest, with an average price of a liter of gasoline amounting to about $0.351, and the average price of gasoline globally was about $1.30 per liter, equivalent to between 37 and 40 pounds.  

 

Earlier, the prices of gasoline and diesel fuel in Lebanon witnessed a new rise, as the price of 95-octane gasoline reached 24 thousand pounds, gasoline 98 octane 25 thousand pounds, and gas 25 thousand pounds, while the price of diesel oil decreased by 3 thousand pounds. According to the National News Agency for Lebanon.

 

Prices became, 95-octane gasoline for 1,503,000 pounds, 98-octane gasoline for 1,538,000 pounds, diesel for 1,448,000 pounds, and gas for 982,000 pounds.

 

Global Energy crisis

 

Gasoline prices have become the focus of the world's attention after the sharp increases in various countries of the world as a result of the global energy crisis, and what resulted from the Russian-Ukrainian war, which drew a new map and a new reality for the global energy market, a map whose most important features were the insane rise in energy prices, which caused all countries of the world, without exception, to be exposed to severe crises in the energy markets, and thus the occurrence of a state of turmoil and global instability in the global supply chains in the oil and energy industry due to the quantities supplied, in addition to the exacerbation of the global fuel crisis, which affected many countries of the world.

 

This was reflected in the global economy, with the occurrence of a sharp wave of global inflation, and consequently the high cost of imports to various countries of the world, as the average global price of gasoline is currently 30.1 per liter of gasoline in February, according to the data published on the Global Petroleum Price website.

 

There are many factors that determine the price of gasoline, the most important of which is the price of crude oil, which greatly controls the determination of gasoline prices in various countries of the world.

 

For example, the price of crude oil interferes by about 54% in determining the price of gasoline in the United States of America, in addition to Refining and refining costs, distribution and marketing costs, and therefore we find that the sharp rise in global oil prices since the end of 2021 and the beginning of the economic recovery, before it recorded unprecedented levels at the end of February of last year 2022, in the aftermath of the Russian-Ukrainian war, before the sharpness of the rise subsided recently.  

 

It is worth noting that Global Petroleum Price is the most reliable and reliable information site on retail energy prices worldwide, as it tracks gasoline prices on average for about 150 countries and more than about 250 cities worldwide.