Egypt raises fuel prices for the second time in 2023

Ahram Online , Friday 3 Nov 2023

The Ministry of Petroleum announced on Friday that it is raising fuel prices for various octanes while keeping diesel prices unchanged.

Fuel

 

The price of 80-octane gasoline has increased from EGP 8.75 to EGP 10 per liter, the 92-octane gasoline has risen from EGP 10.25 to EGP 11.50 per liter, and the 95-octane gasoline now costs EGP 12.50, up from EGP 11.50 per liter.

The price of diesel, which is widely used for the transportation of goods and passengers across the country, remains steady at EGP 8.25.

This decision went into effect at 8 a.m. on Friday.

This marks the second fuel price hike in 2023. In March, the Ministry had already increased fuel prices, and in May, diesel prices followed suit.

The Egyptian government has budgeted EGP 119.4 billion for fuel and electricity subsidies in its fiscal year 2023/2024 budget.

The oil price barrell was estimated at an average of $80. The actual prices have surged beyond that threshold, primarily due to the ongoing war in Gaza, putting additional strain on an already stretched budget deficit.

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