Egypt Increases Fuel Prices by 7 to 10 Percent

Egypt Increases Fuel Prices by 7 to 10 Percent

A petrol station in Egypt

Egypt’s Fuel Automatic Pricing Committee (FAPC) has raised prices for different types of fuel in the market by EGP 0.75 to EGP 1 per liter, a decision effective as of Thursday 2 March, at 2 AM Cairo Time.

The price of 95-octane petrol has risen from EGP 10.75 to EGP 11.50 per liter; 92-octane petrol has risen from EGP 9.25 to EGP 10.25 per liter; and 80-octane petrol has risen from EGP 8 to EGP 8.75 per liter.

Additionally, the price of compressed natural gas (CNG) has been increased to EGP 4.50 per meter. Mazut will be charged at EGP 6,000 per ton, except for bakeries and electricity producers. The price of diesel, meanwhile, remains unchanged and still stands at EGP 7.25 per liter.

The decision was reached by the FAPC in its meeting held on Wednesday 1 March. In a previous meeting in October 2022, following a price raise in July of the same year, the FAPC had decided to keep fuel prices unchanged until the end of December.

Since 2019, Egypt has been committed to linking the price of fuel in the country to international crude oil prices and exchange rates. Brent crude is now trading at USD 84.91 a barrel, while the US dollar exchange rate has risen further to reach EGP 30.66 to the dollar, as per today’s CBE exchange rate.

Since March 2022, the Egyptian Pound has experienced successive devaluations, and has since lost more than 50 percent of its value. In October 2022, the Egyptian government reached an agreement with the International Monetary Fund for a USD 3 billion loan program, which came into effect in December.

Under this program, Egypt is committed to a flexible exchange rate monetary policy regime, as well as refraining from implementing any artificial decreases in fuel prices, among various measures intended to boost the country’s private sector.

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