Egypt Raises Fuel Prices by up to 15 Percent

Egypt has raised the prices of various petroleum products, with Octane 80 increasing from EGP 11 to EGP 12.25, Octane 92 from EGP 12.5 to EGP 13.75, Octane 95 from EGP 13.5 to EGP 15.5, and Diesel from EGP 10 to EGP 11.5.

The government has also raised the price of Kerosene from EGP 10.0 to EGP 11.5 and Mazut used for industrial purposes at EGP 8,500 per ton.

Prime Minister Mostafa Madbouly emphasized that the gradual increase in petroleum product pricing would continue to reduce and end subsidies.

Madbouly also announced that the government will provide biannual reports to the parliament on its program, focusing on economic issues and recent crises, such as the electricity and medicine shortages.

Addressing the electricity crisis, Madbouly stated that the government has started suspending load shedding and is working to increase electricity generation capacity by four gigawatts next summer.

He also announced a plan to settle the financial dues owed to foreign partners in the petroleum sector, including fulfilling commitments to Italian company Eni to enhance exploration activities.

The Prime Minister highlighted a USD 14.2 billion (EGP 686 billion) reduction in Egypt’s external debt value over the past five months, demonstrating the government’s efforts to strengthen the country’s economic position.

The government’s Ministry of Supply and Internal Trade has decreased the monthly rations of subsidized sugar, rice, and pasta. This is part of the government’s efforts to streamline the subsidies system in order to cope with the skyrocketing global prices of essential food items.

As to combat electrify cuts, Madbouly announced the daily power cuts, initiated by the government last summer, will be halted from July 12 until mid-September.