CAIRO - Egypt has raised domestic fuel prices in a quarterly review that links energy prices to international markets, the petroleum ministry said on Friday.
The prices of 80-octane, 92-octane and 95-octane petrol were raised to 6.75 Egyptian pounds ($0.43) per litre, 8 EGP/litre and 9 EGP/litre respectively, effective from 0900 local time (0700 GMT) on Friday, the ministry statement said.
The petroleum products price-setting committee decided to increase the prices following extreme fluctuations in oil global prices, the COVID-19 pandemic and global oil output cuts, it added.
The committee also takes into account the exchange rate.
In April, the committee raised domestic fuel prices for the first time since it was formed in October 2019 following the completion of subsidy reforms.
Prices were 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. Prices had been stable over the last year after being lowered in April 2020 and October 2019. ($1 = 15.6200 Egyptian pounds)
(Reporting by Ehab Farouk Writing by Nadine Awadalla and Mahmoud Mourad Editing by David Goodman and Barbara Lewis) ((Nadine.Awadalla@thomsonreuters.com;))