Egypt increases fuel prices 7% in quarterly pricing review

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Egypt increases fuel prices 7% in quarterly pricing review

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Egypt has raised fuel prices in a quarterly review that links energy prices to international markets, the petroleum ministry said on Friday.

The prices increase is effective from 9:00 a.m. local time (7:00 a.m. GMT) on Friday, the ministry statement said.

The petroleum products price-setting committee decided to increase the prices following extreme fluctuations in global oil prices, the COVID-19 pandemic and global oil output cuts, it added.

The changes will push up prices for transport, food products and other goods.

This is the sixth time that the government of Egypt has increased fuel prices since austerity measures were announced late 2015 to implement the economic reform plans.

Regards
EGL Team

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