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Egypt Is Increasing Fuel Prices
Fuel prices are on the rise
The official newspaper reported today, Thursday, that Egypt has increased prices on a wide range of fuel products, just four days before the International Monetary Fund conducts a review for the country’s expanded loan program worth eight billion dollars.
The official newspaper stated that Egypt raised the price of 80 octane gasoline to 12.25 Egyptian pounds per liter, 92 octane gasoline to 13.75 pounds, and 95 octane gasoline to 15 pounds. Diesel, one of the most commonly used fuels, saw a larger increase, rising to 11.50 pounds from ten pounds.
Prices are adjusted periodically, every three months
The Egyptian government periodically adjusts fuel prices every three months since implementing an automatic pricing mechanism for several petroleum products in 2019, following the gradual removal of government subsidies.
Not the first time this year..
This marks the second time the government has raised fuel prices since the International Monetary Fund expanded its loan program by five billion dollars in March. Egypt committed to reducing fuel subsidies as part of its agreement with the IMF.
Reuters reported yesterday, Wednesday, that Egyptian Prime Minister Mustafa Madbouly stated petroleum product prices would gradually rise until December 2025.
In April, the IMF estimated that fuel subsidies in Egypt needed to decrease from 331 billion Egyptian pounds (6.8 billion dollars) in the fiscal year 2023-2024 to 245 billion pounds (5.1 billion dollars) in 2024-2025.
Madbouly emphasized that Egypt cannot afford increasing consumption and rising global prices.
