An unexpected fuel price increase took place in Egypt on March 2, 2023, as announced by the Ministry of Petroleum and Mineral Resources. The prices of gasoline and diesel had been stable since July 2022, but the fluctuations in Brent crude oil prices and the exchange rate of the Egyptian pound against the US dollar led to the sudden increase.
Before the increase of fuel prices in Egypt, they were as follows:
EGP 8 per liter for 80-octane gasoline
EGP 9.25 per liter for 92-octane gasoline
EGP 10.75 per liter for 95-octane gasoline
EGP 7.25 per liter for diesel and kerosene
However, after the increase, the new fuel prices in Egypt:
EGP 8.75 per liter for 80-octane gasoline
EGP 10.25 per liter for 92-octane gasoline
EGP 11.50 per liter for 95-octane gasoline
EGP 7.25 per liter for diesel
EGP 7.25 per liter for kerosene
The sudden increase in fuel prices has sparked outrage among many Egyptians who are already struggling with high inflation rates and economic challenges. The government has justified the increase as necessary to compensate for the rising global oil prices and maintain the stability of the local market.