Egypt Hikes Gasoline Prices in Quarterly Review

Egypt Hikes Gasoline Prices in Quarterly Review

Egypt raised domestic gasoline prices on Thursday in line with a commitment under a financial support package with the International Monetary Fund, while keeping the diesel price unchanged, the petroleum ministry said in a statement.

The country's fuel pricing committee set the prices in a quarterly review, raising the price by 0.75 Egyptian pounds for 80-octane petrol, 1 pound for 92-octane petrol, and 0.75 pounds for 95-octane petrol, to 8.75 Egyptian pounds ($0.29), 10.25 and 11.50 per liter, respectively, Reuters reported.

The diesel price was kept at 7.25 pounds.

Under a letter of intent to the IMF late last year, Egypt said it would allow most fuel product prices to rise until they were in line with the country's fuel index mechanism to make up for a slowdown in such increases over the last fiscal year.

In July 2022, the government announced a rare hike to the price of diesel, but said it was still subsidizing the fuel at the rate of about 55 billion Egyptian pounds per year.

Since 2019, pricing of fuel has been set under quarterly reviews that take into account global markets and the exchange rate, in line with previous commitments to the IMF.