Egypt gradually raise petroleum product prices until December 2025 amid slowing economic growth

(MENAFN) Egyptian Prime Minister Mostafa Madbouly announced a plan to gradually raise the prices of certain products, including petroleum, over a period extending to December 2025. Speaking at a press conference on Wednesday, Madbouly emphasized that this gradual approach aims to balance the impact of the price increases on citizens, ensuring that the adjustments do not impose an immediate and overwhelming burden. He also noted that recent severe heat waves had caused some disruptions in electricity networks, but described these issues as normal given the circumstances.

In terms of economic performance, Egypt's growth is projected to be slightly slower this fiscal year compared to earlier forecasts. A recent poll of 17 analysts indicated that the country's gross domestic product (GDP) is expected to grow by 4 percent in the fiscal year beginning July 1, down from the 4.35 percent forecast in April and the 4.15 percent estimate from January. This follows an USD8 billion loan agreement with the International Monetary Fund (IMF) in March. For the fiscal year ending June 30, the economy grew by 2.9 percent, falling short of earlier predictions of 3 percent in April and 3.5 percent in January. However, growth is anticipated to rebound to 4.99 percent in the fiscal year 2025-26. 

MENAFN25072024000045015682ID1108481786