Petroleum Products Automatic Pricing Committee decided, in its meeting held after the end of last June, to raise the current prices of all types of gasoline, as well as the cost of diesel for the first time since November 2019 (about three years), until the end of next September.

The committee indicated in a statement on July 13 that starting from nine o’clock morning; the prices will become 8 pounds per litre of petrol 80, 9.25 pounds per litre of gasoline 92, and 10.75 pounds per litre of gasoline 95, as well as raising the selling price of diesel to 7.25 pounds per litre.

The committee also decided to increase the price of supplied diesel to the rest of the industries by 400 pounds per tonne, bringing the price to 5 thousand pounds, and the stability of supplied diesel costs to food and electricity industries.

Global oil prices witnessed sharp and sudden movements after the Ukrainian crisis, in addition to the rise in the exchange rate of the dollar against the pound.

The price of a barrel ranges between 110 and 120 dollars.

The Ministry of Finance estimated the average price of a barrel of oil in the general budget for 2022-2023 at $80, compared to $61 in the previous budget.

The Fuel Pricing Committee, which includes representatives of the Ministries of Petroleum and Finance, relies in its decision on measuring the level of international oil prices, exchange rates, transportation, operating and production costs, and meets quarterly to review fuel prices, move them up or down by 10%, or stabilize them.