editor
Early on Friday, Egypt’s Petroleum Ministry announced a significant increase in fuel prices, marking the third adjustment in 2024. The latest hike reflects the government’s ongoing efforts to manage fuel subsidies amidst rising consumption rates and economic pressures.
The price for diesel, one of the most widely used fuels in the country, has seen a notable increase of 17%, rising from 11.50 Egyptian pounds (R4.15) to 13.50 pounds (R4.87) per litre. This change will directly impact transportation costs and, consequently, the prices of goods and services throughout the nation.
In addition to diesel, petrol prices have also risen, with increases varying between 11% to 13% depending on the grade. Specifically, the price for 80 octane petrol now stands at 13.75 pounds (R4.96), while 92 octane has increased to 15.25 pounds (R5.50), and 95 octane now costs 17 pounds (R6.14).
Also Read: Egypt Celebrates 51st October Victory with Tanzania Dignitaries
Prime Minister Mostafa Madbouly, addressing the rising costs, stated in July that the prices of petroleum products would continue to rise gradually until the end of 2025. He emphasized that the government could no longer sustain the financial burden of fuel subsidies, particularly in the context of increasing consumption levels.
The decision to raise fuel prices is part of a broader economic strategy aimed at reducing the fiscal deficit and managing public spending. While the government aims to ease the economic strain, citizens are likely to face increased costs of living as fuel prices directly influence transportation and other essential services.
As the situation unfolds, many Egyptians are concerned about the long-term implications of these price hikes on their daily lives and the overall economy.
