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Egypt Announces the Third Fuel Price Increase of 2021

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Egypt Announces the Third Fuel Price Increase of 2021

Source: Enterprise Press

The Ministry of Petroleum and Mineral Resources announced on Friday 8 October 2021 an increase in the price of fuel by 25 piasters.

The statement added that the new pricing list is effective starting from 9:00 AM of Friday 8 October. This counts as the third increase in fuel prices in 2021, with other increases announced in July and April.

The prices of the lower 80 octane grade are now EGP 7 ($0.45) per liter. Meanwhile, the most used gasoline grade 92 now costs EGP 8.25 ($0.53) per liter.

As for the highest octane grade, 95, its price has increased to EGP 9.25 ($0.59) per liter while the diesel fuel prices remain unchanged at EGP 6.75 ($0.43).

According to the Ministry of Petroleum and Mineral Resources, the Fuel Automatic Pricing Committee explained the decision to increase fuel prices came as a result of a seven per cent surge in the prices of its main raw material, brent crude, which it said had reached $83.10 per barrel.

The Ministry concluded its statement by highlighting its goals of maintaining the supply of fuel and natural gas despite the impacts of the COVID-19 pandemic and the constant increase in the prices of raw materials.

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Nadine is a political science graduate and aspiring researcher. She is interested in politics, sociology, culture, graphic design, and is a strong believer of “knowledge is power and power is knowledge.” - Foucault

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