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Egypt again raises fuel prices

The price of Brent crude oil actually recently fell to its lowest point in several months.
Egyptian workers wait for clients at a petrol station on July 5, 2014, in Cairo as the government drastically raised fuel prices to tackle a bloated subsidy system.

Egypt slightly raised fuel prices today as energy prices remain high across the region. 

Egypt’s Fuel Automatic Pricing Committee met today for its quarterly meeting. They raised the price of several octanes of fuel by 0.50 Egyptian pounds ($0.03). The prices are now as follows, according to Egypt’s Ministry of Petroleum and Mineral Resources:

  • 80-octane gasoline costs 8 Egyptian pounds ($0.42) per liter.
  • 92-octane costs 9.25 Egyptian pounds ($0.49) per liter.
  • 95-octane costs 10.75 Egyptian pounds ($0.57) per liter.

A government source told the state-owned news outlet Al-Ahram that the hike is due to fuel prices rising globally. 

Why it matters: Indeed, oil prices have been historically high all year, especially following Russia’s invasion of Ukraine. The war has severely disrupted global supply chains, leading to substantial fuel price increases across the Middle East. 

The price of Brent crude oil, considered the global benchmark for oil prices, has actually fallen a little in recent days. Brent crude fell below $100 a barrel today — its lowest price since March, according to market data. 

The drop follows the Organization of the Petroleum Exporting Countries and other oil producers, known as OPEC+, raising production this summer. 

Know more: Egypt also raised its fuel prices in February. 

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