Egypt raises domestic fuel prices by up to 15% before IMF review
By Reuters |
Diesel, one of the most commonly used fuels, saw the biggest increase, rising to 11.50 Egyptian pounds.
Egypt raised the prices of a wide range of fuel products on Thursday, the official gazette said, four days before the International Monetary Fund (IMF) conducts a third review of its expanded $8 billion (approximately Sh1.06 trillion) loan programme for the country.
The official gazette, citing the petroleum ministry, said petrol prices increased by up to 15 per cent per litre, with 80 octane rising to 12.25 Egyptian pounds ($0.25 or Sh33), 92 octane to 13.75 pounds, and 95 octane to 15 pounds.
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Diesel, one of the most commonly used fuels, saw the biggest increase, rising to 11.50 Egyptian pounds ($0.24 or approximately Sh31) from 10 pounds (Sh27).
This is the second time the government has raised fuel prices since the IMF expanded its loan programme by $5 billion in March. Egypt has committed to slashing fuel subsidies as part of the agreement.
On Wednesday, Prime Minister Mostafa Madbouly said prices of petroleum products will gradually increase until the end of 2025, adding that the government could no longer bear the burden of increasing consumption.
In April, the IMF estimated that Egypt will spend 331 billion Egyptian pounds ($6.85 billion/Sh907 billion) on fuel subsidies in 2024/25 and 245 billion ($5.07 billion/Sh671 billion) in 2025/26.
The IMF's approval for the third review of the expanded loan programme was originally expected on July 10 but was pushed back to July 29, with the lender attributing the delay to the finalisation of some policy details. An IMF spokesperson declined to discuss those details.
The IMF is expected to disburse $820 million (Sh108 billion) to Egypt after concluding its review.
($1 = 48.2900 Egyptian pounds)
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