The Automatic Pricing Committee for Petroleum Products in Egypt raised the price of domestic fuel to eight Egyptian pounds ($0.4244) per liter of petrol 80, 9.25 pounds ($0.4907) per liter of 92nd gasoline, 10.75 pounds ($0.5703) per liter of gasoline 95, and 7.25 pounds each for diesel and kerosene.Â
The price of a ton of diesel fuel supplied to the rest of the industries was increased by 400 pounds/ton to become the price of 5,000 pounds/ton, while the prices of diesel supplied to the food and electricity industries were fixed.
Major General Mahmoud Shaarawy, Egypt’s Minister of Local Development, gave the governors instructions to step up control campaigns at gas stations as the first government action following the rise in fuel prices in Egypt. This was done to prevent any attempts to monopolize petroleum products after raising prices or to otherwise exploit citizens.
Globally, crude oil prices skyrocketed due to the ongoing Russian-Ukrainian crisis, as the price of Brent crude oil exceeded $130 per barrel during the month of March. As a result, the prices of fuel and petroleum products have been affected in all countries of the world.
All countries, no matter how strong their economies are, resorted to increasing fuel prices. The fuel price in the United States skyrocketed in June reaching $5 per gallon. This was the first huge increase in fuel prices in the history of the US.
