Egypt raises fuel prices for the first time in 2024

Ahram Online , Friday 22 Mar 2024

The Ministry of Petroleum announced on Friday the first fuel price increase of 2024, affecting various octanes and diesel.

Egyptian Petrol station
File Photo: An Egyptian worker waits for a customer at a petrol station in Cairo. AFP

 

After several delays, the Committee for Pricing Petroleum Products decided to align prices with global trends.

Diesel prices have risen to EGP 10 per litre from EGP 8.25.

Octane prices have also been adjusted up by one pound.

Octane 80 is now at EGP 11 per litre, up from EGP 10 per litre.

Octane 92 is priced at EGP 12.50, up from EGP 11.50.

Octane 95 raised to EGP 13.50, up from EGP 12.50.

Additionally, the price of the 12.5-kilogram butane cylinder for domestic use will increase from EGP 75 to EGP 100.

The decision will take effect at 3:00am on Friday.

This move is attributed to the global oil price surge triggered by the conflict in Gaza, following the Russian-Ukrainian war, as stated by the committee.

This marks the first fuel price hike in Egypt for 2024.

The Committee last increased the prices of various octane grades in November 2023, while leaving diesel prices unchanged, marking the second adjustment of the year.

Subsidies for octane, diesel, and other petroleum products have totalled approximately EGP 119.419 billion in the current budget, which commenced on 1 July 2023, with an increase of about EGP 61.325 billion.

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