Petroleum experts say Egypt fuel prices likely to surge by 10%

The Central Bank of Egypt has opted to liberalize the exchange rate of the Egyptian pound. This decision is poised to have far-reaching effects, particularly on the nation’s fuel market, as experts anticipate a significant increase in fuel prices.

According to forecasts, fuel prices in Egypt may increase by approximately 10 percent, translating to a one-pound rise in gasoline prices.

Head of the Petroleum Products Division at the Federation of Egyptian Chambers of Commerce, Hassan Nasr, announced in Egypt

Nasr noted that current indicators in both local and global oil markets are pointing towards an impending hike in gasoline and diesel prices.

According to Nasr, the government’s pricing committee is slated to convene this month to deliberate on the matter, stating that the committee’s previous meeting in November resulted in an increase in gasoline prices across the board while diesel prices remained unchanged.

He said the committee concerned with the decision-making process of the pricing of petroleum products every quarter decided after a thorough analysis of global, local, and regional variables affecting fuel prices.

Nasr added that the primary factors impacting the cost of making these products available and sold in the local market are the global price of a barrel of Brent crude and the exchange rate of the dollar against the Egyptian pound, in addition to other fixed burdens and costs.