Egypt Hikes Pump Prices For Gasoline, Diesel In Subsidy Reform Push

2024-07-25 10:15:16

(MENAFN- IANS) Cairo, July 25 (IANS) Egypt raised pump prices for gasoline and diesel again on Thursday, the latest step in its economic reform program aimed at managing fuel subsidies, the Ministry of Petroleum and Mineral Resources said in a statement.

The Fuel Automatic Pricing Committee adjusted prices for the third quarter, with 80-octane gasoline rising to 12.25 Egyptian pounds (0.25 U.S. dollars) per liter from 11 pounds, 92-octane to 13.75 pounds from 12.5 pounds, and 95-octane to 15 pounds from 13.5 pounds.

Diesel prices saw the sharpest increase, climbing to 11.50 pounds per liter from 10 pounds previously. Prices for mazut, a heavy fuel oil used by industries, remained unchanged, Xinhua news agency reported.

The move follows comments by Prime Minister Mostafa Madbouly on Wednesday, who outlined the government's plan for gradual fuel price adjustments to end fuel subsidies by December 2025.

The ministry established the Pricing Committee in 2019 to conduct quarterly reviews of domestic fuel prices, aligning them with global market fluctuations.

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