Gasoline
Egypt set a target to increase crude oil production by about 9 percent during FY2024/2025, to reach 637 thousand barrels per day up from 580 thousand barrels currently
This comes after the increase was postponed multiple times.
Minister of Petroleum, Tarek El Molla, issued the decision for the new pricing to be implemented from Friday morning.
This came during the meeting of the Egyptian Fuel Automatic Pricing Committee (FAPC) on Wednesday.
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.
Egyptian Finance Minister Mohamed Maeet said the state works on increasing the number of beneficiaries of the presidential initiative aiming at replacing gasoline-powered vehicles that are manufactured 20 years ago by natural gas-operated ones.
Mulla noted in a panel discussion held by the Egyptian Petroleum Association that Octane 80 is no longer considered a good-quality fuel.
Abdel Aziz explained that diesel prices have not been increased because any price rises can affect public transport fares and the costs of goods transportation.
The Ministry of Supply said that the news is void of truth, the center said in a statement on Tuesday.
The Ministry of Supply said that the news is void of truth, the center said in a statement on Tuesday.
Egypt's Fuel Automatic Pricing Committee (FAPC) has decided at its meeting held after the end of September to keep gasoline and diesel prices in the local market unchanged till December.
Diesel fuel prices also remained untouched at LE 6.75 per litre.
“That grade of gasoline is one which is no longer subsidized. It also plans to announce the mechanism for the other grades in June, after lifting the subsidies, to implement the move in September."
Brent crude futures were up 20 cents, or 0.3 percent, at $72.48 barrel by 0644 GMT, following a decline of more than 3 percent on Wednesday.
Egypt has raised fuel prices to meet IMF loan's terms that entail the complete removal of fuel subsidies.
Sharp increases in prices for gasoline, fuel oil, shelter and medical care helped send a key measure of US inflation to a six-year high in May.
Jordan put an imminent increase in gasoline prices on hold on Friday after public anger about tax hikes recommended by the IMF spilled into the streets this week.
The price of oil in the new budget is set at $67 per barrel, Minister of Finance said.
U.S. consumer prices likely increased solidly in January, boosted by rising gasoline and rents.
The Petroleum Ministry is executing 7 projects to develop and expand refineries, with LE 8.3 billion investments.
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