Egypt raises domestic fuel prices 7% in quarterly pricing review

CAIRO (Reuters): Egypt has raised domestic fuel prices in a quarterly review that links energy prices to international markets, the petroleum ministry said on Friday.

The prices of 80-octane, 92-octane and 95-octane petrol were raised 0.50 Egyptian pounds each, to 6.75 Egyptian pounds ($0.43) per liter, 8 EGP/liter and 9 EGP/liter respectively, effective from 9:00 a.m. local time (7:00 a.m. GMT) on Friday, the ministry statement said.

The petroleum products price-setting committee decided to increase the prices following extreme fluctuations in global oil prices, the COVID-19 pandemic and global oil output cuts, it added.

The committee also takes into account the exchange rate.

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.