By John Ikani
Egypt has once again increased fuel prices, with adjustments ranging between 10% and 17%, a decision expected to push up the prices of everyday goods and services.
In a statement released on social media, the Egyptian government cited the need to “reduce the gap between the selling prices of petroleum products and their high production and import costs.”
The country is already facing intense inflationary pressures, which have led to a surge in living expenses. Over the summer, Egyptians experienced another 10% rise in fuel prices, alongside higher subway fares and a depreciating local currency, further squeezing their purchasing power.
Starting Friday, the price for a liter of diesel, critical for public transportation, has gone from 11.5 pounds ($0.23) to 13.50 pounds ($0.25). The cost of 92-octane gasoline also increased, moving from 13.75 pounds ($0.28) to 15.25 pounds ($0.31).
This latest hike comes on the heels of previous increases, the most recent being on July 25. An earlier rise in March was attributed to the mounting cost of energy imports, compounded by the devaluation of the pound and global fuel price spikes linked to regional instability in the Red Sea.
Egypt recently secured an expanded bailout from the International Monetary Fund (IMF), raising the total to $8 billion. The fuel price adjustments are seen as part of the measures needed to meet the IMF’s conditions for continued economic support.
