Egypt raises domestic fuel prices for first time since subsidy reform

CAIRO, April 23 (Reuters) - Egypt's price-setting committee raised domestic fuel prices on Friday for the first time since it was formed in October 2019 following the completion of subsidy reforms, the petroleum ministry said in a statement.

Prices were last raised in July 2019 when Egypt, a net oil importer, finished phasing out subsides on fuel products as part of a reform programme backed by the International Monetary Fund. Prices had remained stable over the past year after being lowered in April 2020 and October 2019.

The prices of 80-octane, 92-octane, and 95-octane fuel were raised by 0.25 Egyptian pounds each, to 6.25 Egyptian pounds ($0.40), 7.5, and 8.5 pounds per litre, respectively, the statement said.

The pricing committee's mechanism links energy prices to international markets, and takes into account the exchange rate as well as the impacts of the coronavirus pandemic, the statement said.

($1 = 15.6700 Egyptian pounds)

Reporting by Ehab Farouk, writing by Nafisa Eltahir; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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