With Brent back above $100/B, Cairo was left with little choice but to hike retail fuel prices by between 14-17% on 10 March. The move has dealt a new blow to its efforts to bring down inflation.
The Petroleum Ministry’s decision to raise prices was driven by “exceptional circumstances in the international energy markets,” it said in a statement on its Facebook page/ The price of the cheapest 80 Ron gasoline was increased by 17% from E£20.75/liter, 92 Ron by 16% to E£22.25/liter and highest quality 95 Ron by 14% to E£24/liter. Diesel prices were also raised by 17% to E£20.50/liter (see table). (CONTINUED - 793 WORDS)
