Egypt raised on Wednesday its domestic fuel prices for the sixth time in a row along with the prices of diesel, which it has managed to sell at fixed price for three years.
The fuel pricing committee in a quarterly review raised domestic fuel prices by EGP0.50 for 80-octane, 92 octane petrol, and diesel while 95-octane petrol was raised by EGP1, the Petroleum Ministry said in a statement.
Prices of 80-octane, 92-octane and 95-octane petrol were raised to EGP8 ($0.4244), EGP9.25 ($0.4907) and EGP10.75 ($0.5703) per liter, respectively, while the diesel price reached EGP7.25, effective on Wednesday.
Egypt consumes about 12 million tons of diesel and about 6.7 million tons of gasoline annually.
The committee also decided to fix the prices of diesel supplied to the food and electricity industries, while raising the price of a ton of diesel fuel supplied to the rest of the industries by EGP400, bringing the price of a ton of diesel to EGP5,000.
The Ministry of Finance estimated the average price of an oil barrel in its 2022-23 budget at $80, compared to $61 in the previous budget.
The committee meets quarterly and relies in its decision on measuring the level of international oil prices, exchange rates, transportation, operating and production costs.
According to the law, it can fix, raise or reduce prices by no more than 10% each time its members meet.
