Egypt raises octane prices by EGP 0.25 per litre in quarterly review amid global oil price hikes

Ahram Online , Friday 15 Apr 2022

Egypt’s Fuel Automatic Pricing Committee (FAPC) raised on Friday fuel prices for various octanes by EGP 0.25 per litre - while keeping the price of diesel and mazut for strategic industries fixed - for the second quarter of the year that ends in June amid a global rise in oil prices.

File Photo: Vehicles are being filled up with fuel by employees at a Mobil petrol station in Cairo, Egypt. Reuters


The FAPC raised the price for a litre of 80-octance gasoline rose from EGP 7.25 to EGP 7.50, a litre of  92-octance from EGP 8.50 to EGP 8.75, and a litre of 95-octance from EGP 9.50 to EGP 9.75, according to a statement by the Ministry of Petroleum and Mineral Resources.

Meanwhile, the fuel pricing committee maintained the price of diesel at EGP 6.75 per litre, the ministry added in the statement.

The price of a tonne of mazut that is supplied to the food and electricity industries remained unchanged. However, the price of a tonne of mazut that is supplied to the rest of the industries was raised by EPG 400 pounds from EGP 4,200 from EGP 4,600.

These increases in fuel prices come on the back of  global increases in fuel prices caused by the Russian-Ukrainian war, with steep increases in the price of Brent crude oil, which remains above $100 per barrel for the second month in a row.

This is the second time this year the fuel committee raises fuel prices by EGP 0.25 following a similar hike in the first quarter of the year.

The fuel committee convenes on a quarterly basis to assess the prices of petroleum products quarterly and amend them in accordance with the international price of Brent crude oil and the price of the dollar against the Egyptian pound.

As per the mechanisms of the committee, which was established in 2019 by the petroleum ministry, the price cap for raising or lowering fuel on a quarterly basis cannot exceed 10 percent.

Last month, Egypt also raised the prices of butane gas cylinders for the first time in two years by 7.7 percent for commercial and household use.

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