Wednesday, October 27

Egypt hikes local fuel prices in quarterly review-official gazette


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CAIRO — Egypt has raised domestic fuel prices in a quarterly review that links energy prices to international markets, the official gazette said early on Friday.

The prices of 80-octane, 92-octane and 95-octane petrol were raised to 7 Egyptian pounds ($0.45) per liter, 8.25 EGP/liter and 9.25 EGP/liter, respectively, effective from 0900 local time (0700 GMT) on Friday , a petroleum minister decision published in the gazette said. The increase was 0.25 EGP for each.

The country’s petroleum products price-setting committee increased the prices by 0.25 pound in July citing extreme fluctuations in global oil prices, the COVID-19 pandemic and global oil output cuts.

In April, the committee raised domestic fuel prices for the first time since it was formed in October 2019 following the completion of subsidy reforms.

Prices were raised in July 2019 when Egypt, a net oil importer, finished phasing out subsides on fuel products as part of a reform program backed by the International Monetary Fund.

Prices had been stable over the last year after being lowered in April 2020 and October 2019. ($1 = 15.6500 Egyptian pounds) (Reporting by Mohamed Wali; Writing by Mahmoud Mourad; Editing by Himani Sarkar)



financialpost.com

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