The Egyptian government raised petrol prices by up to 14.3%, and the Official Gazette published this morning, Friday, that the prices of 80-octane petrol were raised by EGP 1.25, 92-octane by EGP 1.25 and 95-octane by EGP 1, to EGP 10, 11.50 and 12.50 per litre respectively. The price of diesel remained unchanged at EGP 8.25 per litre.
The Automatic Pricing Committee for Egyptian Petroleum Products said in a statement today, Friday, that raising the prices of all types of petrol in the local market comes to reduce the price gap between the cost of providing petrol and its selling price in Egypt.
Fuel pricing has been subject to a quarterly review since 2019, and the review takes into account prices on global markets and the exchange rate, in line with previous commitments to the International Monetary Fund.
Last March, Egypt raised the prices of petrol sold to end consumers for the first time in 2023, while it raised diesel prices last May.
On Thursday, the Central Bank of Egypt kept key interest rates unchanged for the second consecutive time, amid a slowdown in the annual rate of core inflation.
The bank’s Monetary Policy Committee decided at its meeting yesterday to keep the overnight deposit and lending rates at 19.25% and 20.25%, the rate of the Central Bank’s main operation at 19.75%, and the credit and discount rate at 19.75%.
The last time the bank raised interest rates was at a meeting held on 3 August.
Petrol prices before and after the new increase:
- Petrol 80: EGP 10 per litre
- Petrol 92: EGP 11.5 per litre
- Petrol 95: EGP 12.5 per litre
Old petrol prices before the increase was applied:
- Petrol 80: EGP 8.75 per litre
- Petrol 92: EGP 10.25 per litre
- Petrol 95: EGP 11.50 per litre
