Egypt’s Fuel Automatic Pricing Committee products raised the prices of gasoline sold in the local market for the second time this year while keeping diesel prices unchanged.
In its statement on Friday, the committee mentioned that the increase in gasoline prices in the local market is aimed at reducing the price gap between the cost of providing gasoline and its selling price in Egypt.
The price of a liter of 80-octane gasoline was raised to 10 Egyptian pounds from 8.75 Egyptian pounds, indicating a 14.3 percent increase. Similarly, the price of a liter of 92-octane gasoline increased to 11.50 Egyptian pounds from 10.25 Egyptian pounds, showing a 12.2 percent rise.
Conversely, the liter price of 95-octane gasoline increased to about 12.5 Egyptian pounds from 11.5 Egyptian pounds, marking an 8.7 percent increase, while the liter price of diesel remained unchanged at 8.25 Egyptian pounds.
In March of the previous year, Egypt raised the prices of gasoline sold to the consumer for the first time in 2023, followed by an increase in diesel prices in May.
The Egyptian government mentioned in May that the support for petroleum products for the current fiscal year, which began at the start of the previous July, amounted to 116 billion Egyptian pounds (equivalent to 3.74 billion US dollars).
The oil price barrell was estimated at an average of $80. The actual prices have surged beyond that threshold, primarily due to the ongoing war in Gaza, putting additional strain on an already stretched budget deficit.