A worker holds up a fuel pump nozzle after filling up the tank of a car at a petrol station in Cairo.
The FAPC raised the price of a litre of 80-octance gasoline from EGP 7.5 to EGP 8, a litre of 92-octance from EGP 8.75 to EGP 9.25, and a litre of 95-octance from EGP 9.75 to EGP 10.75, according to a statement by the Ministry of Petroleum and Mineral Resources.
The price of diesel and kerosine rose from EGP 6.75 to EGP 7.25 per litre.
The price of a ton of mazut that is supplied to industries, except to food and electricity industries, 1rose from EGP 4,600 to EGP 5,000.
The price of mazut supplied to food and electricity industries remained unchanged.
This is the latest major change in fuel prices in Egypt this year. The latest increase in fuel prices was in April.
The recent increases were applied starting Wednesday 9am.
A government source told Ahram Online that the increase comes on the back of global increases in fuel prices due to the Russian-Ukrainian war as well as other factors, with surges in the price of Brent crude oil, which reached above $120 per barrel this year.
The source added that Egypt was not reducing fuel subsidies, which stand in the current budget at more than EGP 30 billion. Egypt is the 13th cheapest country in the world in octane prices and the seventh cheapest in diesel prices despite not being an oil exporting country, the source continued.
Egypt sells diesel for prices cheaper than Russia, the UAE, Bahrain, and Qatar.
The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends 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 prices on a quarterly basis cannot exceed 10 percent.