Egypt lowers fuel prices

Egypt lowered the price of certain types of domestic fuels by EGP 0.25for the liter. The reduction included 92 Octane Gasoline now at EGP 7.50 and 80 Octane now at EGP 6.25 and 95 Octane now at EGP 8.50 as well Mazut fuel for industries which now sells at EGP 3,900 a ton. The prices of other fuels remain unchanged.

The drop is considered “slight” in comparison to the global decline on the backdrop of the Corona pandemic. Egypt’s fuel pricing committee stated that the global, much bigger, decline are temporary.

The last drop in fuel prices in Egypt happened in October 2019 after 5 price increases since 2014 lifting fuel subsidies altogether, however, the minister of Finance stated that the draft budget 2020-2021 has been adjust to accommodate the changes.

The fuel pricing committee can only raise or drop priced by maximum 10% to safeguard the state budget as well consumers’ interests.