Egypt raises fuel prices
The move follows oil prices reaching a seven-year high on the back of supply coordination by OPEC and Russia.
The Egyptian government raised the prices of several types of vehicle fuel today.
The per liter price of 80-octane gasoline rose from 7 to 7.25 Egyptian pounds, 92-octane gasoline rose from 8.25 to 8.50 pounds and 95-octane gasoline rose from 9.25 to 9.50 pounds. The price of diesel fuel remains 6.75 pounds per liter, the Ministry of Petroleum and Mineral Resources said in a statement.
One US dollar is roughly equal to 16 Egyptian pounds.
Fuel prices in Egypt are set by the government. The state has raised prices at least five times under President Abdel Fattah al-Sisi, who took power in 2014. Though this increase was small, the government raised prices 30% in mid 2019. The price of 92-octane gasoline was 8 Egyptian pounds ($0.50) per liter at the time.
