Gasoline and diesel prices in Egypt saw a significant new increase on Friday.
The price of all grades of gasoline rose by approximately 20 percent to 25 percent, which translates to an increase of between LE 2 and LE 3 per liter.
Similarly, diesel is also expected to see a rise, projected to be between LE 3 and LE 4 per liter.
The new pricing for gasoline and diesel is scheduled to take effect starting at 6:00 AM on Friday, immediately upon the issuance of the official decree.
According to an informed source at the Ministry of Petroleum, this hike is part of the periodic review conducted every three months by the Petroleum Products Automatic Pricing Committee.
The anticipated rise in fuel prices marks the continuation of the government’s program to gradually liberalize prices, paving the way for them to be linked to global market fluctuations.
Sources indicated that the new review and subsequent increase were necessitated by several factors: the depreciation of the Egyptian pound against the US dollar, coupled with the rising costs of shipping, transport, and insurance for oil imports.
These financial pressures compelled the Automatic Pricing Committee to revisit local prices to achieve fiscal balance. Officials confirmed the decision was virtually finalized, given the prevailing global economic pressures and geopolitical tensions impacting energy markets.
Egypt hikes fuel prices: Gasoline up 20-25% on Friday Egypt Independent.
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