Egypt raised fuel prices on Friday by 10% to 17%, a move expected to affect the prices of goods and services.
The government announced the decision on Facebook, citing the need to “reduce the gap between the selling prices of petroleum products and their high production and import costs.”
Egyptians have been struggling with high inflation, facing increasing daily costs that hit a peak over the summer. This period included a previous 10% fuel price hike, a rise in subway fares, and the local currency losing value against foreign currencies.
According to the new prices effective Friday, the price of a liter of diesel, essential for public transport, rose from 11.5 pounds ($0.23) to 13.50 pounds ($0.25). The 92-octane gasoline price increased from 13.75 pounds ($0.28) to 15.25 pounds ($0.31).
The last fuel price increase occurred on July 25, following an earlier rise in March. The government attributed these hikes to the rising cost of energy imports, the depreciation of the local currency, and global fuel price increases due to tensions in the Red Sea.
In spring, Egypt secured an agreement with the International Monetary Fund (IMF) to increase its bailout to $8 billion. The recent price hikes align with conditions set by the IMF for further financial assistance to the country.
