Egypt's government announced significant increases in fuel prices on Friday, with rates rising between 11.7 per cent and 33.3 per cent in different categories.
This increase, the first this year, is part of a broader effort to phase out subsidies and align fuel prices with international market rates by the end of the year, as stipulated under the International Monetary Fund’s $8 billion Extended Fund Facility agreement last year.
The Ministry of Petroleum and Mineral Resources said the price per litre of 95-octane petrol had been raised by 11.7 per cent to 19 Egyptian pounds ($0.37), 92-octane petrol by 13.1 per cent to 17.25 pounds, and 80-octane petrol by 14.5 per cent to 15.75 pounds.
The price of diesel rose by 14.8 per cent to 15.50 pounds per litre, while the price for a butane gas cylinder for households was raised by 33.3 per cent to 200 pounds.
Fuel prices will not be reviewed for another six months, the ministry said, signalling that another hike would be necessary to bring fuel prices to market levels. It said a gap remained between production costs and market prices, with the state continuing to subsidise diesel, butane and lower-octane petrol to ease the burden on citizens.
Egypt last adjusted fuel prices in October.
The government currently spends about 366 million pounds daily – 11 billion pounds each month – on fuel subsidies, according to the ministry.
Egypt’s move to raise fuel prices is the latest in a series of steps towards economic reforms tied to its agreement with the IMF, which include subsidy cuts, currency devaluation and a reduced role for the state in the nation’s economy.
The IMF last month approved the disbursement of $2.5 billion to Egypt after completing the fourth review of the Extended Fund Facility programme. The fund commended the government’s efforts to stabilise the economy but stressed the need to reduce energy subsidies entirely by the end of 2025. It also said that the exit of the state from the national economy had been slow.
Prime Minister Mostafa Madbouly on Wednesday warned of the impact of global trade disruptions and rising import costs on Egypt’s economy and anticipated more inflationary pressures for Egypt in the coming months.
Price hikes come against the backdrop of falling inflation this year. Egypt’s annual inflation rate reached 13.1 per cent in April, down from 24 per cent in January, marking its lowest level since March 2022.
However, economists have cautioned that the decline is mainly attributable to a favourable base effect and does not fully reflect underlying economic pressures.
Balancing fiscal responsibility with the social impact of reforms remains a critical challenge as the country works to meet its IMF commitments. More than 62 million Egyptians rely on a sprawling food subsidy programme, and the country’s foreign currency reserves remain strained due to declining natural gas exports and disruptions in Suez Canal revenues caused by regional conflicts.
In its statement on Friday, the ministry said global geopolitical tensions and fluctuating production and transportation costs continue to drive up fuel prices.
It also highlighted ongoing efforts to boost domestic production and reduce reliance on imports.
“The state is committed to increasing local output by offering incentives to production partners, thereby reducing the overall import bill and mitigating the financial burden on the economy,” it said.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
Read more from Aya Iskandarani
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Killing of Qassem Suleimani
Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
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