Egypt holds domestic fuel prices steady

Egypt left domestic fuel prices unchanged on Thursday under an IMF-backed pricing mechanism that links energy prices to international markets, the petroleum ministry said in a statement.

In its inaugural meeting in October, the pricing mechanism committee cut fuel prices marginally after the government increased them steeply over the previous three years to cover the cost of fuel on international markets.

The price of 95-octane fuel was kept at 8.75 Egyptian pounds ($0.5472) a litre, 92-octane fuel at 7.75 pounds a litre and 80-octane fuel at 6.50 pounds a litre. The price of oil for industrial use was held steady at 4,250 Egyptian pounds a tonne.

“This is in light of... the rise in the price of Brent crude in international markets from October to December,” the oil ministry statement said.