Egypt Raises Fuel Prices First Time In 2024
EGYPT’S Ministry of Petroleum announced on Friday the first fuel price increase of 2024, affecting various octanes and diesel.
Diesel prices have risen to EGP 10 per litre from 8.25 pounds, while octane prices have also been adjusted.
Octane prices have increased by one pound, with octane 80 now at EGP 11 per litre.
Octane 92 is priced at EGP 12.50, up from EGP 11.50, and Octane 95 stands at EGP 13.50 instead of EGP 12.50.
Additionally, the price of the 12.5-kilogram butane cylinder for domestic use will increase from EGP 75 to EGP 100.
The decision will take effect at 3:00 am on Friday.
This move is attributed to the global oil price surge triggered by the conflict in Gaza, following the Russian-Ukrainian war, as stated by the committee.
This marks the first fuel price hike in Egypt for 2024.
The Committee last increased the prices of various octane grades in November 2023, while leaving diesel prices unchanged, marking the second adjustment of the year.
Subsidies for octane, diesel, and other petroleum products have totalled approximately EGP 119.419 billion in the current budget, which commenced on July 1, 2023, with an increase of about EGP 61.325 billion.
Eighteen-Eleven Media
