Egypt raises domestic fuel prices

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Egypt’s Ministry of Petroleum and Mineral Resources announced on Wednesday an increase in the prices of domestic fuel derivatives.

“Egypt’s fuel pricing committee in a quarterly review raised domestic fuel prices by 0.50 Egyptian pounds (0.026 U.S. dollars) for 80-octane, 92-octane petrol and diesel, while 95-octane petrol was raised by 1 pound,” the ministry said in a statement.

Prices of 80-octane, 92-octane, and 95-octane petrol were increased to 8 pounds, 9.25 pounds, and 10.75 pounds per liter respectively, while diesel reached 7.25 pounds.

The decision, which came into effect as of 9 a.m. local time on Wednesday, applies till September 2022, the statement said.

The decision was taken amid the decline of the Egyptian currency against the U.S. dollar and the rise in world oil prices.

The pricing committee was established in 2019 by the petroleum ministry and tasked with reviewing and adjusting local fuel prices quarterly in line with changes to prices in the global market.

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