Cairo, Egypt: The fuel prices in Egypt’s local market has witnessed a rise by EGP0.25 ($0.016), which came into effect from today morning only (Friday, February 4, 2022).
The Egyptian Ministry of Petroleum and Mineral Resources further noted that these new hiked prices will remain in effect till the month of March.
Also, the price of 80-octane gasoline has been raised to EGP7.25 per litre, 92 octane gasoline to EGP8.50 per litre and 95 octane gasoline to EGP9.50 per litre. Meanwhile, the price of diesel remains fixed at EGP6.75 per litre in the meantime.
The Ministry tweeted, “Regarding the decision of the automatic pricing committee for petroleum products as an increase in the prices of all types of gasoline by 25 piasters, and the price of diesel remains stable“.
It further asserted, “The Autonomous Pricing Committee for Petroleum Products has decided to follow up and implement the implementation of the Automated Pricing Application of Petroleum Products Quarterly in its meeting held following the end of last December to recommend the modification of current prices in the local market for the quarter of June.
“March 2022 where the sale price of gasoline products has been modified by three types From 9 o’clock in the morning 7.25 pounds per litre gasoline 80 and 8.50 pounds per litre gasoline 92 and 9.50 pounds per litre petrol 95 and fixed the solar price at 6.75 pounds per litre”, the Ministry of petroleum furthermore highlighted.
The prices of Brent crude oil prices have soared to $91 per barrel. This has happened for the first time since the year 2014, which shows almost around 105 increase. The decision comes as the oil prices have been increasing worldwide for the past five weeks. This is one of the impacts of the COVID-19 virus on the economy of countries across the globe.