It was decided to increase the price of gasoline and diesel by one Egyptian pound.
The Committee for Pricing Petroleum Products in Egypt announced today, Thursday, the adjustment of gasoline and diesel prices, indicating that the decision comes in line with global prices.
It was decided to increase the price of gasoline and diesel by one Egyptian pound.
♦ Octane 80 gasoline: From 10 to 11 Egyptian pounds per liter
♦ Octane 92 gasoline: From 11.5 to 12.5 Egyptian pounds per liter
♦ Octane 95 gasoline: From 12.5 to 13.5 Egyptian pounds per liter
♦ Diesel: From 8.25 to 10 Egyptian pounds per liter
♦ LPG cylinder: From 75 to 100 Egyptian pounds
According to the committee's decision, the prices of gasoline have been increased by one pound. Thus, the price per liter of octane 80 gasoline after the increase is 11 Egyptian pounds, the price per liter of octane 92 gasoline after the increase is 12.50 Egyptian pounds, and the price per liter of octane 95 gasoline after the increase is 13.5 Egyptian pounds.
The committee's decision stems from its commitment, announced since July 2019, to apply an automatic pricing mechanism to some petroleum products. The mechanism aims to adjust the selling prices in the local market every quarter, depending on the developments in the two most influential factors in the cost of providing and selling these products in the local market, namely the global price of Brent crude oil and the exchange rate of the dollar against the Egyptian pound, in addition to other fixed burdens and costs.
♦ Increase in crude oil prices
♦ War in Ukraine
♦ Rising demand for oil
♦ Decrease in investments in the oil sector
♦ Depreciation of local currencies against the US dollar
♦ Increase in fuel import costs
♦ Increase in taxes and fees on fuel
♦ Governments seeking to increase revenues
♦ Rise in the cost of oil extraction and refining
♦ Development of new techniques for extracting oil from oil shale
♦ Increase in environmental awareness
♦ Inflation
♦ Weather changes
♦ Some countries monopolizing oil exports
♦ Impact of decisions to raise gasoline and diesel prices
♦ Increase in transportation costs
♦ Rise in prices of goods and services
♦ Increase in inflation rates
♦ Decrease in living standards
♦ Increased reliance on public transportation
In conclusion, the decision by the Committee for Pricing Petroleum Products in Egypt to adjust gasoline and diesel prices reflects the country's adherence to an automatic pricing mechanism aligned with global trends.
The increase, announced today, sees a one-Egyptian-pound hike across various fuel grades, attributing the change to factors such as rising crude oil prices, geopolitical tensions, and economic dynamics both domestically and internationally.
While the adjustment may impact consumers and businesses, it underscores the government's efforts to balance economic stability with market realities. Moving forward, monitoring global oil markets and economic conditions will remain crucial in determining future pricing decisions and ensuring sustainable energy policies in Egypt.
