Egypt’s gasoline prices to increase by 15-25 percent starting in October

A government source has stated that Prime Minister Mostafa Madbouly’s announcement regarding upcoming gasoline price adjustments in October is part of Egypt’s commitments to the International Monetary Fund (IMF).

These commitments include a gradual move towards a more flexible energy pricing structure that aligns with actual costs, while also reducing indirect fuel subsidies.

The source noted that the expected price increase will be in the range of 15 percent to 25 percent.

Speaking to Al-Masry Al-Youm, the source added that this decision is not solely linked to fluctuations in global oil prices or exchange rates, as is typical with the automatic pricing mechanism.

Instead, it reflects ongoing understandings with the IMF regarding the reform of the subsidy system and the enhancement of public spending efficiency.

The coming period will see close market monitoring to prevent any unwarranted price increases by vendors, the source warned.

They added that the government’s objective is to rationalize domestic fuel consumption and encourage a shift towards more sustainable alternatives like electric vehicles and compressed natural gas.