Fuel prices in Egypt increased by up to EGP 2 on Friday, 18 October, marking the third hike this year, according to a statement by the Ministry of Petroleum and Mineral Resources.
The Fuel Automatic Pricing Committee (FAPC) announced that the price of 95-octane gasoline rose to EGP 17 (USD 0.35) per liter from EGP 15 (USD 0.31) , while 92-octane increased to EGP 15.25 (USD 0.31) from EGP 13.75 (USD 0.28). The price of 80-octane gasoline went up to EGP 13.75 (0.28) from EGP 12.25 (USD 0.25), and diesel prices rose to EGP 13.50 (USD 0.28) from EGP 11.50 (USD 0.24).
The Ministry explained that the decision is intended to ensure the availability of petroleum products, regulate the market, and reduce the gap between the selling prices of petroleum products and their high production and import costs.
Prime Minister Mostafa Madbouly stated that these adjustments are part of a broader plan to gradually phase out fuel subsidies by the end of 2025.
The price increases align with the International Monetary Fund’s (IMF) recommendations, following the approval of a USD 5 billion (EGP 243.1 billion) augmentation of Egypt’s loan program in March 2024.
In March 2024, fuel prices increased by 8 percent to 33 percent, with diesel rising by 21.2 percent to EGP 10 (USD 0.21) per liter and octane prices increasing by 8 percent to 10 percent. The price of a butane cylinder for domestic use also surged by 33.3 percent, from EGP 75 (USD 1.54) to EGP 100 (USD 2).
Prices were adjusted again in July, with increases between 10 percent and 15 percent, making this the third price hike in 2024.
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