Egypt Hikes Gasoline, Diesel Prices as Part of IMF-Led Bailout
(Bloomberg) -- Egypt raised fuel prices by as much as 13%, in the latest move to trim state subsidies in line with International Monetary Fund-backed reforms.
The diesel price was lifted by almost 13% to 17.5 Egyptian pounds ($0.37), effective Friday, the oil ministry said in a statement. The prices of 95-, 92- and 80-octane types of gasoline were increased from 10.5% to 12.7%. Prices will remain unchanged for at least a year, the ministry said.
The Middle East’s most populous nation is recalibrating its economy after securing a $57 billion bailout led by the IMF and United Arab Emirates last year, giving it a way out of its worst economic crisis in decades. The hikes are likely to affect lower-income Egyptians, and may increase inflationary pressures.
Egypt has already raised fuel prices four times since early 2024, most recently in April, but they remain among the lowest in the world. The government said last month this might be the final significant hike, with the exception of diesel, before it shifts to a market-linked pricing mechanism.
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