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.
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Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
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SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
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Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
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3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
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- 600-seat auditorium
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Pharaoh's curse
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He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
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Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
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March-May and September-November
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Power: 819hp
Torque: 678Nm at 7,250rpm
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Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Tomorrow 2021
MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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Director: Shahad Ameen
Rating: 3/5
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
