Egypt raises fuel prices

Egypt raised the price of gasoline in the local market by one Egyptian pound per litre effective Friday March 22, according to a statement issued by the Ministry of Petroleum and Mineral Resources late Thursday.
The ministry attributed the increase to the positive results of the economic reform measures that were undertaken recently, including the exchange rate liberalisation, which had a direct impact on increasing the cost of petroleum products, in addition to the rise in the transport and shipping expenses due to the Red Sea transit turbulences.

As of Friday, March 22, the fuel prices shall be increased as follows: