Search Site

Trends banner

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Egypt raises fuel prices in quarterly review

Egypt raises fuel prices in quarterly review due to the global rise in oil prices.
  • The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49)
  • The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil

Egypt’s Fuel Automatic Pricing Committee (FAPC) raised on Wednesday fuel prices for various octanes by EGP0.5 to EGP1 per litre, due to the global rise in oil prices. However, they kept the price of diesel for electricity and food industries fixed for the third quarter of the year.

The FAPC raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49), and a litre of 95-octance from EGP9.75 to EGP10.75 (US$0.57), according to a statement by the Ministry of Petroleum and Mineral Resources.

The price of diesel and kerosine also rose from EGP6.75 to EGP7.25 per litre.

The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil and the price of the dollar against the Egyptian pound.