By Mohammed Jetutu, in Cairo
The fuel pricing committee of the Egyptian government increased prices of gasoline and compressed natural gas beginning from November 3, 2023.
The committee left the price of diesel unchanged, according to a statement by the Petroleum Ministry.
Prices for gasoline were hiked by 9-14%, while that of compressed natural gas (CNG) for automobiles rose by 22%
95-Octane is now EGP 12.50 per litre, up 9% from EGP 11.50;
92-Octane is EGP 11.50 per litre, up 12% from EGP 10.25;
80-Octane is EGP 10.00 per litre, up 14% from EGP 8.75.
The price of compressed natural gas leapt up to EGP 5.5 per cubic metre, up from EGP 4.50 previously.
The ministry said that increased crude prices were to blame, having been pushed upwards by tightening global supply from OPEC+ production cuts and rising demand in Asia.
The November 3, 2023 price increase is the country’s second price hike in just eight months. In March 2023, the government raised gasoline prices by between 16% and 25%.
The rationale: Disruptions in the energy market from the wars in Gaza and Ukraine have had a “direct and indirect impact on global oil prices, sending Brent crude over USD 90 per barrel over the last few months,” the ministry said.