The Ministry of Petroleum & Mineral Resources announced an increase in gasoline prices, after the Petroleum Pricing Committee decided to raise the prices of gasoline and diesel by 25 piasters, effective Friday, the 8th of October.
Who is affected🤷: The committee reviewed the average prices of Brent crude in the global market and the exchange rate of the dollar against the EGP, the two most important determinants of the cost of providing petroleum products. After seeing a 7% increase in the price of Brent crude & a 0.1% increase in the currency exchange rate, the committee decided to increase fuel prices increased by 25 piasters, with the price of 80 octanes, 92 octanes, and 95 octanes rising to EGP 7.00, EGP 8.25, and EGP 9.25, respectively.
Why is this important🤔: Experts expressed their concern about the effect of the increase in fuel prices on prices of commodities & services. They stressed the need for regulators to take necessary actions to make sure commodity prices are not exaggerated & manipulated, considering that an increase of 25 piasters should have a limited effect on commodity prices, not a significant one.