Egypt announces increase in prices of various fuel products
Date
7/25/2024 3:26:23 AM
(MENAFN) Egypt has announced an increase in the prices of various fuel products, as revealed in the official gazette on Thursday. This price hike comes just four days before the International Monetary Fund (IMF) is set to review the country's expanded USD8 billion loan program. According to the official newspaper, the price adjustments include an increase for 80 octane gasoline to EGP 12.25 per liter, 92 octane gasoline to EGP 13.75 per liter, 95 octane gasoline to EGP 15 per liter, and kerosene to EGP 11.5 per liter.
The Egyptian government has been reviewing fuel prices every three months since the implementation of an automatic pricing mechanism for several petroleum products in 2019. This mechanism was introduced as part of a broader strategy to liberalize fuel prices and gradually eliminate government subsidies for these products. The move towards periodic price adjustments is in line with the country's ongoing economic reform efforts, which aim to stabilize the economy and meet the conditions set by international financial institutions.
In a statement on Wednesday, Egyptian Prime Minister Mostafa Madbouly indicated that the prices of petroleum products would continue to rise gradually until December 2025. This gradual increase is part of the government's strategy to ensure a smooth transition away from fuel subsidies, which have historically placed a significant burden on the national budget. By steadily raising prices, the government hopes to reduce fiscal pressures and allocate resources more effectively, while also aligning with the economic reform plans agreed upon with the IMF.
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