Egypt raises fuel prices by 25 piastres per litre in periodic review

Ahram Online , Friday 8 Oct 2021

Egypt increased the fuel prices in the local market by 25 piastres* per litre of gasoline in a periodic review, the Ministry of Petroleum announced in a statement.

A worker
A worker holds up a fuel pump nozzle after filling up the tank of a car at a petrol station in Cairo.

The price for a litre of 80 octane gasoline rose from EGP 6.75 to EGP 7, 92 octane gasoline increased from EGP 8 to EGP 8.25, while 95 octane gasoline increased from EGP 9 to EGP 9.25.

The price of diesel fuel remains at EGP 6.75 per litre.

The diesel prices were stablised due to its direct and indirect impact on transportation and food commodity prices, the statement added.

According to the statement, the new prices will come into effect on Friday in line with a new decision made by the Fuel Automatic Pricing Committee (FAPC).

The committee is a petroleum ministry body established in 2019 and tasked with reviewing and adjusting local fuel prices quarterly in line with changes in prices in the global market.

The committee said the decision was taken due to the rise in the average prices of Brent crude in the global market as well as the increase in exchange rate of the US dollar against the Egyptian pound for the period July/September 2021.

It explained that it considered these two factors the most important factors determining the cost to provide and sell oil products in local markets.

The average price of Brent crude increased by 7 percent, while the exchange rate increased by 0.1 percent.

So far in 2021, the committee maintained the fuel pirices unchanged in its January review and increased them by 25 piastres in April and July.

*100 piastres = 1 EGP

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