Egypt has announced the latest round of fuel subsidy cuts in accordance with the state’s austerity measures, a key pillar of the three-year economic reform program signed with the IMF, which is nearing its end. The new pricing, which officially came into effect at 9 am on 6 July, raises domestic prices between 16 percent and 30 percent. The price of widely used 92 octane grade petrol rose by 18.5 percent to EGP 8 ($0.4825) per litre, instead of EGP 6.75. Lower quality 80 octane rose by 22.7 percent to EGP 6.75 ($0.4071) per litre instead of EGP 5. Higher grade 95 octane fuel rose by 16.1 percent to EGP 9 ($0.5428) per liter and diesel rose by 22.7 percent to EGP 6.75 per litre. The price of cooking gas cylinders rose by 30 percent to EGP 65 for domestic use and EGP 130 for commercial use, according to an official statement by the Ministry of Petroleum. Egypt’s budget for the current fiscal year 2019/2020 recently revealed the reduction of fuel subsidies to EGP 52.96 billion, from EGP 89.07 billion in 2018/2019. According to a report released by the General…
