Egypt raises fuel prices and decides to stabilize them for a year

The Egyptian Ministry of Petroleum and Mineral Resources announced an increase in the prices of petroleum products in the local market, effective this morning (Friday).

The price of 95 gasoline rose to 21 pounds per liter instead of 19 pounds, 92 gasoline to 19.25 pounds instead of 17.25 pounds, and 80 gasoline to 17.75 pounds instead of 15.75 pounds.

While the price of diesel increased to 17.5 pounds per liter instead of 15.5 pounds, while the price of gas supply for cars increased to 10 pounds per cubic meter instead of 7 pounds.

The Ministry explained in a statement today that the decision came in light of the developments taking place in the local, regional and global markets, and the resulting changes in global energy prices.

The statement added that the government decided at the same time to stabilize the selling prices of petroleum products in the local market without any increase for a full year as a minimum, in support of price stability and achieving a balance between cost and selling price.