The Egyptian government raised its estimates of financial savings in fuel by the end of the current fiscal year (2024-2025) to 80 billion pounds after it approved last Friday the third increase in fuel prices this year between 11 and 17%, according to a government official who spoke with Al-Sharq on condition of anonymity.
The government decided to raise the price of a liter of 80 gasoline (the lowest quality) by 12.2% to 13.75 pounds, and the price of a liter of 92 gasoline by 10.9% to 15.25 pounds, provided that the price of a liter of 95 gasoline, the highest quality, after the increase will reach 17 pounds. It also raised the selling price of a liter of diesel by 17.4%. To 13.50 pounds, the selling price of a liter of kerosene also increased by the same percentage and value.
The price of diesel intended for factories increased by 11.8% to 9,500 pounds, while diesel supplied to the electricity and food industries was stabilized.
After the increase in fuel prices on Friday, the government official said that the petroleum subsidy bill rose as a result of the increase in the price of crude oil globally, considering that the pricing decision came to reduce the gap between the selling price and the increase in the cost significantly during the last period, explaining that the cost price differs from the selling price. Global analysis of the product, which takes into account the local share of the final cost of the product.
Oil prices fell to record the largest weekly decline in more than a year, with the United States reviving its efforts to end the conflict in the Middle East, a decline in Chinese demand for crude, and Brent crude falling to settle at about $73 a barrel.
Related news
