Egypt raised fuel prices on Friday by 10% to 17%, a decision expected to increase the cost of goods and services across the country.
In a statement on Facebook, the Egyptian government explained that the price hike aims to “reduce the gap between the selling prices of petroleum products and their high production and import costs.”
The move comes as Egyptians face soaring inflation and rising daily expenses, including a previous 10% fuel price increase, higher subway fares, and a depreciating local currency.
As of Friday, the price for a liter of diesel, essential for public transport, rose from 11.5 pounds ($0.23) to 13.50 pounds ($0.25). Meanwhile, the cost of 92-octane gasoline increased from 13.75 pounds ($0.28) to 15.25 pounds ($0.31).
The last fuel price increase took effect on July 25. Prior to that, prices were raised in March, attributed to the rising costs of energy imports due to currency depreciation and a global surge in fuel prices linked to the situation in the Red Sea.
This spring, Egypt secured a deal with the International Monetary Fund to increase its bailout package to $8 billion. The recent price hikes are considered essential to meet IMF conditions for additional assistance.
