Egypt raises gasoline prices by more than 14% Economy

Egypt raised gasoline prices by up to 14.3%, but kept the price of diesel (diesel) unchanged. This is the second time that Egypt has increased gasoline prices this year.

The Automatic Pricing Committee for Egyptian Petroleum Products raised prices:

  • “Gasoline 80” increased by 1.25 pounds, making it 10 pounds ($0.3241).
  • “Gasoline 92” cost 1.25 pounds, reaching 11.50 pounds.
  • “Gasoline 95” by one pound, making it 12.50 pounds.

The price of diesel remained stable at 8.25 pounds per litre. The dollar is equivalent to 30.85 pounds.

The committee stated – in a statement today, Friday – that raising the prices of gasoline of all types in the local market comes to reduce the price gap between the cost of providing gasoline and its selling price in Egypt.

The decision took effect as of Friday morning.

Fuel pricing has been subject to a quarterly review since 2019, and the review takes into account prices in global markets and the exchange rate, in accordance with previous commitments with the International Monetary Fund.

Last March, Egypt raised the prices of gasoline sold to the final consumer for the first time in 2023, while it raised diesel prices last May.

The Egyptian government said last May that support for petroleum products for the current fiscal year – which began at the beginning of last July – amounted to 116 billion pounds ($3.74 billion).

interest rates

Yesterday, Thursday, the Central Bank of Egypt said – the day after its decision to keep interest rates unchanged – that the annual core inflation rate witnessed a slowdown for the third month in a row to record 39.7% last September, compared to 40.4% last August.

However, he pointed out that the annual rate of general inflation in cities continued its upward trend, recording 38% last September, driven by a rise in inflation of food commodities coinciding with a slowdown in inflation of non-food commodities.

On Thursday, the Central Bank of Egypt kept key interest rates unchanged, for the second time in a row, in light of the slowdown in the annual rate of core inflation.

The bank’s Monetary Policy Committee decided at its meeting yesterday to maintain:

  • The overnight deposit and lending rates are at 19.25% and 20.25%.
  • The central bank’s main operation rate is at 19.75%.
  • The credit and discount rate is at 19.75%.

The last time the bank raised interest rates was at a meeting held on August 3rd.

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