A Timeline of Fuel Price Increases Since 2008: Did the January Revolution Change Prices?

It has become common in Egypt for fuel prices to rise at unexpected times: at night while people are asleep, during the Cairo derby between Al Ahly and Zamalek, and sometimes at the start of holidays or during Ramadan. But what is striking is that every 3 months we see decisions to raise, cut or sometimes freeze prices, as in 2018 the Egyptian government formed a committee, including representatives of the ministries of petroleum and finance, tasked with the automatic pricing of fuel. Since then, this committee has reviewed prices every 3 months, according to oil prices on global markets, the exchange rate in the local market, and the costs of transporting, operating and producing petroleum products.

On Friday 22 March 2024, the Petroleum Products Pricing Committee decided to raise the prices of petrol and diesel, with diesel at EGP 10 instead of EGP 8.25, a litre of 80-octane petrol at EGP 11 after the increase instead of EGP 10, a litre of 92-octane petrol at EGP 12.50 after the increase instead of EGP 11.50, and a litre of 95-octane petrol at EGP 13.50 after the increase instead of EGP 12.50.

Here is a timeline of fuel price increases since 2008:

March 2024

On Friday 22 March 2024, the Petroleum Products Pricing Committee decided to raise petrol and diesel prices as follows:

2023

The Egyptian government decided to raise petrol prices in March 2023 as follows:

2022

2022 saw several changes in fuel prices:

2021

Prices changed three times in 2021:

2019

2018

The Egyptian government formed the automatic pricing committee in 2018, and since then it has reviewed prices every 3 months. That year saw an increase in 80-octane petrol of up to 50%.

2017

On 29 June 2017, the government announced another increase in petrol prices as part of the plan to lift fuel subsidies, as follows:

2016

Coinciding with the decision to float the pound against the dollar on 4 November 2016, petrol and diesel prices rose at the same time as the flotation:

2014

In July 2014, the government announced an increase of 50% on petrol and diesel:

The price of a litre of 80-octane petrol jumped from 90 piastres to 160 piastres

The price of a litre of 92-octane petrol rose to 260 piastres

The price of 95-octane petrol then rose to EGP 6.25

The January Revolution

After the 25 January 2011 revolution and the ouster of Mubarak, then the Military Council taking power, followed by the presidency of the late President Mohamed Morsi, and then the period of interim President Adly Mansour after Mohamed Morsi’s removal from power, that period saw no increases in fuel prices, despite the severe fuel shortage during Morsi’s rule.

The next fuel price increase came on Saturday 5 July 2014, after the presidential election and the inauguration of President Abdel Fattah El-Sisi as president of Egypt. The Egyptian government said at the time that the subsidy system was swallowing 20% of the state’s general budget. The price of 92-octane petrol rose to EGP 2.60 per litre, a 40% increase on the previous price of EGP 1.85, and 80-octane petrol rose to EGP 1.60 per litre, a 78% increase on the previous price of EGP 0.90. Diesel rose to EGP 1.80 per litre from EGP 1.10, an increase of 63%. The price of 95-octane petrol for luxury cars, which make up a limited proportion of vehicles in Egypt, reached EGP 6.25 per litre.

Mubarak

Fuel prices remained fixed for long periods during the rule of former President Mohamed Hosni Mubarak, with one increase before the revolution, specifically in 2008, when Ahmed Nazif was prime minister. Prices rose as follows:

Meanwhile, the price of 80-octane petrol was not raised, as Mubarak avoided raising it at the time because it was the most widely used fuel in Egypt.