Egypt has raised the price of gas cylinders for domestic use by 50% effective Wednesday, just months after the last increase.
A decision by Prime Minister Mostafa Madbouly stated that the price of a 12.5-kilogram cylinder for the consumer rose to 150 pounds ($3.09) compared to 100 pounds ($2.06) last March.
The selling price of a 25-kilogram (commercial) gas cylinder also rose to 200 pounds ($4.12) compared to 150 pounds ($3.09).
Egypt is gradually raising fuel prices to reduce the value of subsidies and lower the cost of imports of petroleum and its products, which amounted to about $3.4 billion in the first quarter of 2024.
Egypt has plans to reduce fuel subsidies with a goal of completely lifting them by December 2025.
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Egypt raised the prices of a wide range of fuel products in July, four days before the International Monetary Fund was due to conduct a third review of the country’s expanded $8 billion loan program.
According to what was reported by the official newspaper from the Ministry of Petroleum, gasoline prices have been increased by 15%, to become:
- The price of a liter of 80 octane gasoline is 12.25 pounds ($0.25).
- The price of a liter of 92 octane gasoline is 13.75 pounds ($0.28).
- The price of a liter of 95 octane gasoline is 15 pounds ($0.31).
- Diesel, one of the most widely used fuels, saw a bigger increase, rising to EGP 11.50 ($0.24) from EGP 10 ($0.21).
This was the second time the government has raised fuel prices since the International Monetary Fund expanded its loan programme for the country in March, and Egypt pledged to cut fuel subsidies as part of its agreement with the fund.
The IMF estimated in April that fuel subsidies in Egypt would need to fall from EGP 331 billion ($6.8 billion) in fiscal year 2023-24 to EGP 245 billion ($5.1 billion) in 2024-25.
