Egypt Hikes Fuel Prices for Second Time this Year

Egypt raised fuel prices on Friday for the second time this year, the official gazette reported, as part of efforts to cut subsidies and narrow the budget deficit. The hike ranged between 10.5% and 12.9% across various petroleum products, following a nearly 15% increase in April. Gasoline prices rose sharply, with 80-octane now at 17.75 pounds per liter, 92-octane at 19.25 pounds, and 95-octane at 21 pounds. Diesel, widely used for transport and agriculture, climbed by 2 pounds to 17.50 pounds per litre. The Petroleum Ministry said domestic fuel prices will be frozen for at least a year after this adjustment, part of broader fiscal reforms under the IMF program, which aims to stabilize the economy, reduce public spending on energy subsidies, and bring domestic prices closer to actual costs.