The government announced it would freeze domestic fuel prices for at least one year following this latest round of increases. Egypt’s petroleum ministry cited local, regional, and global developments as reasons for the price freeze commitment.
The ministry confirmed the petroleum sector would continue operating its refineries at full capacity while paying arrears to partners.
The International Monetary Fund stated in March that Egypt remained committed to lowering energy subsidies and aligning domestic prices with actual costs by December.
The IMF has encouraged Egypt to reduce fuel, electricity, and food subsidies while expanding social safety nets under an $8 billion loan programme.
Gasoline prices increased by up to 12.9%, with 80 octane rising to 17.75 pounds per litre, 92 octane to 19.25 pounds, and 95 octane to 21 pounds. – Reuters
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