Egypt Raises Fuel Prices Again in Latest Subsidy Cut

Egypt raised fuel prices for the fourth time in nearly a year on Friday as part of its ongoing efforts to reduce subsidies, in accordance with an $8-billion loan agreement with the International Monetary Fund (IMF).

In a statement released on Friday, Egypt’s petroleum ministry confirmed the price hike, which affects petrol, diesel, and other energy products, with increases of up to 15 percent. This marks the fourth such rise since March 2024 and the first increase this year.

The price adjustments come shortly after the IMF approved a $1.2 billion disbursement to Cairo, following the fourth review of the country’s economic reform program.

As part of its loan arrangement, the IMF has consistently urged Egypt to rein in its expensive subsidy system, encourage private investment, transition to a more flexible exchange rate regime, and expand safety nets for the most vulnerable sectors of society.