The Egyptian government implemented a significant increase in fuel prices on Friday, October 19, 2024.
This decision, announced on Facebook, aims to address the widening gap between the selling prices of petroleum products and their production and import costs.
The price hike, ranging from 10% to 17%, is expected to have a direct impact on the cost of goods and services in Egypt.
Citizens have already been grappling with soaring inflation, exacerbated by previous increases in fuel prices, subway fares, and the depreciation of the local currency.
The new prices, effective immediately, include a substantial increase in diesel fuel, a key component of public transportation.
The cost of a liter of diesel rose from 11.5 Egyptian pounds to 13.50 pounds.
The government has attributed the price hikes to the rising costs of importing energy, primarily due to the depreciation of the local currency and the global surge in fuel prices.
This increase in fuel prices is seen as a necessary step to meet the conditions set by the International Monetary Fund (IMF) for further financial assistance to Egypt.