Skip to main content

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. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial