CAIRO - 10 October 2021: Egypt has the lowest prices of gasoline in the region, noting that the current prices cover the costs only, Spokesman for the Ministry of Petroleum Hamdy Abdel Aziz said on Sunday.
Speaking to Sada Al Balad TV channel, he reiterated on Saturday that attention has been paid to social conditions before imposing the new 25-piaster rise of gasoline prices to avoid any inflation or price rises.
Abdel Aziz explained that diesel prices have not been increased because any price rises can affect public transport fares and the costs of goods transportation.
The Ministry of Petroleum on Friday set the price of 92 octane gasoline at EGP 8.25 per liter and 95 octane gasoline at EGP 9.25 per liter.
As per the decision, the new price of 80 octane gasoline is set at EGP 7 EGP per liter.
The new prices have come into effect as of Friday morning.
Egypt’s Fuel Automatic Pricing Committee decided Friday to increase the prices of fuel in the local market by 25 piastres per liter, the Ministry of Petroleum announced.
Egypt earlier increased gasoline prices by 25 piasters per liter two times this year, the latest of which was on 23 July.
The new prices as per Friday’s hike are LE 7 for 80 octane gasoline up from LE 6.75, LE 8.25 for 92 octane gasoline up from LE 8, and LE 9.25 for 95 octane gasoline, compared to LE 9.
The Fuel Automatic Pricing Committee is formed from representatives of the finance and petroleum ministries and is assigned with reviewing gasoline prices in Egypt every three months.
The committee assesses the cost of transportation of fuel, the prices of the brent crude as well as the exchange rate of US dollar against the Egyptian pound to issue its decision to raise or decrease gasoline prices.
The latest time Egypt decreased gasoline prices was in April 2020 by 25 piasters per liter.