Egypt’s domestic fuel prices have increased once more, with 80-octane, 92-octane, and diesel fuels increasing by EGP 0.50 while 95-octane petrol increased by EGP 1, the Ministry of Petroleum announced in a press release on 13 July. Price changes were made effective as of 13 July, 9 AM, seeing 80-octane, 92-octane, and 95-octane petrol increase to EGP 8 (USD 0.42), EGP 9.25 (USD 0.49), and EGP 10.75 (EGP 0.57) per liter respectively, while diesel increased to EGP 7.25 (USD 0.38). The decision for the price hike is an automatic result of the petroleum ministry’s fuel pricing committee’s meeting, the deciding body for domestic fuel prices. “The Fuel Automatic Pricing Committee, which is concerned with the monitoring and implementation of automatic pricing for petroleum products on a quarterly basis, decided, during a meeting at the end of June 2022, to amend the current domestic prices for the coming July/September quarter,” the statement reads. The Fuel Automatic Pricing Committee’s quarterly price-indexation system is based on global fuel prices, the exchange rate of the Egyptian pound against the US dollar, and ongoing economic challenges, in a bid to decrease the budget deficits caused…
