Egypt’s fuel prices saw a spike for various octanes by EGP0.5 to EGP1 per litre in a statement released by the Ministry of Petroleum and Mineral Resources.
The price changes are in effect as of July 13 according to the Fuel Automatic Pricing Committee (FAPC). Price of a litre of 80-octance gasoline was marked up from EGP7.5 to EGP8 ($0.424), a litre of 92-octance from EGP8.75 to EGP9.25 ($0.49), and a litre of 95-octance from EGP9.75 to EGP10.75 ($0.57).
Diesel and kerosene prices also rose from EGP6.75 to EGP7.25 per litre.
In the wake of rising inflation around the world and the weakening of Egyptian currency against the US dollar, Egypt’s oil prices have increased for the third time in 2022 by EGP 0.25 ($0.013) on 4 February and 15 April, respectively.
In Arab countries alone, the inflation rate is expected to rise to approximately 7.5 percent in 2022, compared to 5.7 percent in 2021. Rising energy costs and global inflation is everywhere – impacting both advanced and developing countries.
Amid ongoing global economic challenges and disruptions in supply chain, initiated by the Covid-19 crisis, along with the Russia-Ukraine conflict, global oil supplies have been majorly impacted, with Russia being among Egypt’s top refined petroleum importers.
FAPC convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil and the price of the dollar against the Egyptian pound.
Prices have continued to rise in the UAE. In July, Super 98 increased 11.5 percent to AED4.63, while Special 95 increased 12.1 percent to AED4.52.
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