Egypt's Fuel Price Surge: Navigating Economic Currents

Egypt has increased fuel prices, marking the third rise this year. Diesel fuel now costs 13.50 Egyptian pounds per litre, a 17% hike. Gasoline prices also rose between 11% to 13%. Prime Minister Mostafa Madbouly announced plans for gradual price hikes into 2025 amid growing consumption.

In a significant move, Egypt announced yet another increase in fuel prices, marking the third such hike of the year. The petroleum ministry affirmed in a Friday release that the adjustments are aimed at aligning with global market trends.

Diesel, which remains the preferred fuel for many within the nation, will now cost 13.50 Egyptian pounds per litre—a rise of 17% from the previous price of 11.50 pounds. Meanwhile, gasoline sees a varied increment, with 80 octane gasoline surging to 13.75 pounds, 92 octane to 15.25 pounds, and the premium 95 octane now priced at 17 pounds.

Addressing the nation back in July, Prime Minister Mostafa Madbouly shed light on the government's strategy, indicating that fuel prices would continue an upward trajectory until the end of 2025, citing the unsustainable burden of subsidies in light of increasing energy demands. In line with this, the scheduled meeting of the government's fuel pricing committee has been postponed to six months from now to assess future adjustments.

(With inputs from agencies.)