BusinessDay

Price of top-grade petrol goes up to N216 a litre in Egypt

The price of the top-grade petrol was raised to N216 in Egypt on Friday after a meeting of the price-setting committee.

It was the first time since it was formed in October 2019 following the completion of subsidy reforms, the petroleum ministry said in a statement.

Prices were last raised in July 2019 when Egypt, a net oil importer, finished phasing out subsides on fuel products as part of a reform programme backed by the International Monetary Fund.

Petrol prices had remained stable over the past year after being lowered in April 2020 and October 2019.

The prices of 80-octane, 92-octane, and 95-octane fuel were raised by 0.25 Egyptian pounds each, to 6.25 Egyptian pounds (N160), 7.5 pounds or N184 and 8.5 pounds or N216 per litre, respectively, the statement said.

The pricing committee’s mechanism links energy prices to international markets, and takes into account the exchange rate as well as the impact of the coronavirus pandemic, the statement said.

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