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Egypt Raises Fuel Prices Amid Global Surge of Prices

November 3, 2023
Source: Enterprise Press
Image Credit: ChillOut/Facebook

Egypt raised fuel prices for various octanes, but kept diesel prices unchanged, according to a statement by the Ministry of Petroleum and Renewable Resources on Friday, November 3.

Egypt increased the price of 80-octane gasoline from EGP 8.75 (USD 0.28) to EGP 10 (USD 0.32) per liter, 92-octane gasoline from EGP 10.25 (USD 0.33) to EGP 11.50 (USD 0.37) per liter, and 95-octane gasoline from EGP 11.50 (USD 0.37) to EGP 12.50 (USD 0.40) per liter.

The government did not change the price of diesel despite the rising cost globally, out of concern for the public good and its impact on transportation and goods. The last diesel price increase in Egypt was in May 2023 at EGP 8.25 (USD 0.27) from EGP 7.25 (USD 0.23).

The ministry added that a global and regional research committee discussed the economic events and indicators that directly and indirectly affected Brent crude oil prices — the most traded oil market based around Northwest Europe — which recently exceeded USD 90 (EGP 2,780.52) per barrel.

Earlier this week, the World Bank released a report stating that an escalation of the latest Middle East conflict, following disruptions caused by the Russian invasion of Ukraine, could push global commodity markets into uncharted territory, according to the World Bank’s latest Commodity Markets Outlook.

The report states that a “small disruption” scenario, which would reduce global oil supply by 500,000 to 2 million barrels per day—roughly equivalent to the disruption of the Libyan civil war in 2011—could initially increase the oil price by 3 to 13 percent relative to the current quarter’s average, to a range of USD 93 (EGP 2,873.48) to USD 102 (EGP 3,151.56) per barrel.

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