Egypt’s Fuel Automatic Pricing Committee raised prices of gasoline and diesel fuel by LE2. The Ministry of Petroleum and Mineral Resources stated in a press release that fuel prices would remain unchanged for at least one year.
The committee has stated that the move is part of its commitment to implementing an automatic pricing mechanism for petroleum products.
The committee increased fuel prices by between 10.5 and 13 percent. Prices of 80-octane, 92-octane, and 95-octane petrol were increased to LE17.75, LE19.25 and LE21 per liter, respectively. It also raised the price of diesel fuel from LE15.5 to LE17.5 per liter.
Prices for 12.5 kg gas cylinders were increased from LE200 to LE225, while commercial 24 kg gas cylinders now cost LE450, up from LE400.
The automatic pricing mechanism is aimed at adjusting the selling prices of fuel products on the local market according to local and global developments affecting costs. Such factors include the international price of Brent crude, the dollar exchange rate as well as other fixed costs.
Source: The Egyptian Gazette
