According to a gazette, Egypt has raised a wide range of fuel prices

Egypt increased fuel prices as part of a $3 billion financial support arrangement with the IMF, aiming to align domestic prices with global energy markets, as per a memorandum.

According to the official gazette, Egypt increased the prices of a variety of fuel items on Friday, carrying out a commitment it made to the International Monetary Fund (IMF) as part of a $3 billion financial support arrangement more than a year ago. Egypt stated in a memorandum of intent signed in November 2022 that it would permit price increases for the majority of petroleum products in order to align domestic prices with those of global energy markets. It further pledged to compensate for a deceleration in said advances relative to the preceding year. However, it only raised prices once more in March 2023.

The IMF agreement with Egypt ended last year due to a failure to implement price increases and other pledges. This month, the IMF increased the financial assistance deal to $8 billion to help Egypt overcome economic shocks from the Gaza War and reaffirm its commitment to reform measures, including currency devaluation. The IMF board has not yet convened to adopt the revised accord.

A quarterly pricing committee in Egypt raised gasoline prices by 1 Egyptian pound ($0.02) per liter, affecting 80, 92, and 95 octane. Subsidized fuel costs benefit the wealthy, while cooking gas and fuel prices increase. Fuel oil prices were fixed at 7,500 pounds per ton, but power plant and food industry prices remained unchanged. Inflation reached 33.7% in 2023.