Prime Minister, Mostafa Madbouly, announced that after the recent fuel price hike, the third in 2024, Egypt’s government would hold off on any further increases until the end of 2025, provided that global oil prices remain stable at an average of USD 73 (EGP 3,547) per barrel. The Ministry of Petroleum and Mineral Resources announced a fuel price hike on 18 October, with the new rates taking effect immediately. Plans to reduce fuel subsidies had been calculated with oil prices at USD 80 (EGP 3,887) per barrel, Madbouly reported during a press conference. However, as of 19 October, prices have dropped below USD 73 (EGP 3,547), he added, which will influence price-setting. “Any future price increases are expected to be smaller than previously anticipated,” Madbouly said. “We aim to reduce inflation rates, and as part of this effort, there will be no fuel price increases for the next six months,” Madbouly said, reiterating the government’s commitment to supporting low-income citizens while ensuring that subsidies remain in place. Since the beginning of the year, diesel prices have surged by 63 percent, while octane fuels have climbed by more than 30 percent. …
