Egypt keeps gasoline, diesel prices unchanged in quarterly review



Sat, 22 Oct 2022 - 01:48 GMT


Sat, 22 Oct 2022 - 01:48 GMT

File photo - Reuters

File photo - Reuters

CAIRO – 22 October 2022: Egypt will keep gasoline and diesel prices unchanged for the coming three months, Egypt's Fuel Automatic Pricing Committee announced on Saturday in quarterly review.

As per the committee’s decision, the price of 80-octance gasoline will remain unchanged at LE 8 per liter while price of 92-octance and 95-octane will remain fixed at LE 9.25 and LE 10.75 per liter respectively, a statement by the Ministry of Petroleum said.

Diesel price will remain fixed at 7.25 per liter and price of mazut for non-electricity use will remain EGP 5,000 per ton.

The committee’s decision came after studying the global economic circumstances and their impact on oil market as a result of the Russia-Ukraine crisis, which led to fluctuation of brent crude prices and after reviewing the exchange rate, the statement said.

The decision comes three months after Egypt raised in July fuel prices for various octanes by up to EGP 1 per liter

Egypt’s Fuel Automatic Pricing Committee (FAPC) raised on Wednesday fuel prices for various octanes by up to EGP 1 per liter, the largest rise in years.

The country also raised diesel prices in July for the first time in more than two years. As per the diesel price increase, the government’s annual subsidies of diesel decreased from LE 63 billion to LE 55 billion, Prime Minister Mostafa Madbouli said in a press conference following the decision.

The government said July decision seeks to protect the petroleum resources in Egypt and ensure that the general budget does not bear further burdens in order for the state to be able to counter inflation resulting from the Ukraine crisis.



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