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Egypt raises fuel prices

The move follows oil prices reaching a seven-year high on the back of supply coordination by OPEC and Russia.
An Egyptian petrol station worker counts cash in Cairo on June 29, 2017.

The Egyptian government raised the prices of several types of vehicle fuel today. 

The per liter price of 80-octane gasoline rose from 7 to 7.25 Egyptian pounds, 92-octane gasoline rose from 8.25 to 8.50 pounds and 95-octane gasoline rose from 9.25 to 9.50 pounds. The price of diesel fuel remains 6.75 pounds per liter, the Ministry of Petroleum and Mineral Resources said in a statement

One US dollar is roughly equal to 16 Egyptian pounds. 

Fuel prices in Egypt are set by the government. The state has raised prices at least five times under President Abdel Fattah al-Sisi, who took power in 2014. Though this increase was small, the government raised prices 30% in mid 2019. The price of 92-octane gasoline was 8 Egyptian pounds ($0.50) per liter at the time. 

A major reason for the price increases is that Egypt has been lifting fuel subsidies as part of loan conditions set by the International Monetary Fund. 

This price increase follows global oil prices last month hitting their highest price since 2014. The rise came after the Organization of the Petroleum Exporting Countries (OPEC) and Russia coordinated on global oil supplies. Saudi Arabia and Russia spearheaded efforts in 2020 and 2021 to cut supplies in an effort to bring prices back up after they plunged at the start of the COVID-19 pandemic. 

The price of Brent crude oil, which is considered the global benchmark for oil prices, reached $93 today, according to data from Markets Insider. 

Even small price increases can affect Egyptians. The monthly average income in Egypt is 6,000 Egyptian pounds ($380) per month. Vehicles can typically hold 45 to 65 liters of gas, meaning it could cost 400 Egyptian pounds ($25) to fill a car in the country. 

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