Sat. Jul 20th, 2024

The Petroleum Products Pricing Committee in Egypt decided to raise the price of gasoline and diesel after floating the pound, considering that the decision comes in line with international prices.

The value of a liter of gasoline 80 after the increase will become 11 pounds, the price of a liter of gasoline 92 after the increase will be 12.50 pounds, and the price of a liter of gasoline 95 after the increase will be 13.5 pounds.

The Petroleum Products Pricing Committee also decided to increase the price of diesel pounds and 75 piasters per liter, bringing the price of a liter of diesel to 10 pounds, in addition to increasing the price of a 12.5-kilogram butane gas pipe from the warehouse land to the consumer from 75 pounds to 100 pounds.

Egypt imported about $2 billion in fuel shipments in January and February, according to a government official at Egypt’s Petroleum Ministry.

The decision to raise fuel prices comes after Cairo liberalized its exchange rate against the dollar, leaving it to supply and demand.

The value of Egypt’s fuel imports has risen by 7-10% over the past period, affected by Red Sea tensions, which caused high shipping and transportation costs.

According to data from the Egyptian Ministry of Petroleum, Egypt’s production of petroleum wealth in 2023 amounted to about 74 million tons, with 28 million tons of crude oil and condensate, and about 45 million tons of natural gas.

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