The Egyptian Ministry of Petroleum said in a statement that the Committee for Automatic Pricing of Petroleum Products raised, in a quarterly review, on Thursday, domestic fuel prices by 0.75 pounds for 80-octane gasoline, 0.75 pounds for 92-octane gasoline, and 0.75 pounds for 95-gasoline, while the price of diesel remained unchanged.
The statement said: “In light of the fluctuation of Brent crude prices and the exchange rate of the Egyptian pound against the dollar, the Automatic Pricing Committee for Petroleum Products decided … to recommend an adjustment to the current prices prevailing in the local market.”
The committee amended the selling prices of gasoline products, to become as follows: “8.75 pounds per liter of 80-gasoline, 10.25 pounds per liter of 92-gasoline, and 11.50 pounds per liter of 95-gasoline.”
The price of diesel was kept at 7.25 pounds, as of Thursday.
Inflation in Egypt accelerated to its highest level in five years, after the war in Ukraine ravaged financial conditions, and the currency plunged amid negotiations with the International Monetary Fund.
And data from the Central Agency for Public Mobilization and Statistics in Egypt revealed, in early February, that consumer price inflation in the country’s cities jumped to a higher-than-expected rate of 25.8 percent on an annual basis, in January, from 21.3 percent, in December, which is the fastest rate in most countries. from five years.
The rise follows a series of currency devaluations since March 2022, a prolonged shortage of foreign currency and persistent delays in bringing imports into the country. The Egyptian pound has lost nearly 50 percent of its value since last March.
Inflation in January was the highest since December 2017, after a year of sharp devaluation.
