Egypt has announced a 15% increase in petrol prices, effective Friday, as part of a reform package requested by the International Monetary Fund (IMF).
Domestic petrol prices are set to increase by up to 15% per litre, with 80 octane rising to 12.25 Egyptian pounds, 92 octane to 13.75 pounds and 95 octane to 15 pounds, according to Egypt’s official news agency. The price of diesel was set at 11.5 pounds a litre, up from 10 pounds.
The news was announced only four days before the IMF conducts a third review of its expanded $8 billion loan programme for the country. The fuel duty hike was said to be a key requirement of the IMF for the disbursement of the third tranche of Egypt’s loan, amounting to $820 million.
The announcement marks the second time the Egyptian government has raised fuel prices since the IMF expanded its loan programme by $5 billion in March.
In April, the IMF estimated that Egypt will spend 331 billion Egyptian pounds on fuel subsidies in 2024/25 and 245 billion Egyptian pounds in 2025/26.
