CAIRO, Oct. 18 (Xinhua) -- Egypt on Friday raised fuel prices by two Egyptian pounds (0.04 U.S. dollars) for the fourth quarter of 2024 due to rising production and import costs, the Ministry of Petroleum and Mineral Resources said in a statement.

According to the statement, the Fuel Automatic Pricing Committee adjusted the price of 80-octane gasoline to 13.75 pounds per litter, 92-octane to 15.25 pounds, and 95-octane to 17 pounds, for the fourth quarter.

Additionally, the diesel price goes up to 13.50 pounds per liter, while prices for butane cylinders for domestic use and mazut used in electricity generation and food industries remain unchanged.

The new prices took effect on Friday, with a reassessment six months later, said the statement.

The price hike decision aims to regulate market performance and narrow the gap between the selling prices of oil products and their soaring production and exportation costs, it added.

In July, Egyptian Prime Minister Mostafa Madbouly outlined the government's plan for gradual fuel price adjustments to end fuel subsidies by December 2025.

The Ministry of Petroleum and Mineral Resources established the Fuel Automatic Pricing Committee in 2019 to conduct quarterly reviews of domestic fuel prices, aligning them with global market fluctuations. Enditem

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