FX.co ★ Egypt Hikes Fuel Prices for Second Time this Year

Egypt has increased fuel prices for the second time this year, as reported by the official gazette on Friday. This move is part of the government's strategy to reduce subsidies and address the budget deficit. The latest increase ranges from 10.5% to 12.9% across different petroleum products, following an approximate 15% rise in April. Specifically, gasoline prices have surged significantly: 80-octane is now priced at 17.75 pounds per liter, 92-octane at 19.25 pounds, and 95-octane at 21 pounds. Meanwhile, diesel, which is extensively used in transportation and agriculture, has risen by 2 pounds to 17.50 pounds per liter. The Petroleum Ministry indicated that domestic fuel prices will remain unchanged for at least a year after this adjustment. This measure is aligned with broader fiscal reforms under the International Monetary Fund (IMF) program, designed to stabilize the economy, curtail public spending on energy subsidies, and align domestic prices more closely with actual costs.