Egypt's Automatic Pricing Committee for Petroleum Products has met to review the pricing equation and implement the automatic pricing mechanism. As a result of the global increase in crude oil and petroleum product prices and the exchange rate of the pound against the dollar, the committee decided to increase the price of diesel by one pound per liter, bringing the local market selling price to 8.25 Egyptian pounds per liter, effective from 2 am on Thursday, May 4, 2023.

Meanwhile, the committee decided to maintain the prices of gasoline at 8.75 Egyptian pounds per liter for gasoline 80, 10.25 Egyptian pounds per liter for gasoline 92, and 11.50 Egyptian pounds per liter for gasoline 95.

The selling price of a ton of non-electricity and non-food industry diesel was also kept at 6,000 Egyptian pounds per ton. The committee also decided to increase the price of vehicle supply gas to 4.50 Egyptian pounds per liter.

In March of this year, the Automatic Pricing Committee for Petroleum Products announced that it would recommend adjusting the prevailing prices in the local market, given the fluctuation of Brent crude prices and the exchange rate of the pound against the dollar.

As a result, the prices of gasoline were adjusted, effective from 2 am on March 2, 2023, to 8.75 Egyptian pounds per liter for gasoline 80, 10.25 Egyptian pounds per liter for gasoline 92, and 11.50 Egyptian pounds per liter for gasoline 95.

The selling price of a ton of non-electricity and non-food industry diesel was also adjusted to 6,000 Egyptian pounds per ton, while the selling price of diesel for electricity and food industries was kept unchanged, and the selling price of solar was set at 7.25 Egyptian pounds per liter.

Despite the increase in diesel prices, it is important to note that Egypt has recently made significant progress in its economic development, with growth in GDP and foreign investment.

The country's macroeconomic stability has improved, with the central bank maintaining a strong foreign exchange reserve position and the government implementing a number of economic reform programs. This increase in diesel prices is expected to have minimal impact on the overall economic progress in the country.