The Prime Minister confirms that there will be no further fuel price increases until 2025

Prime Minister Mostafa Madbouly, announced that after the recent increase in fuel prices, the third in 2024, the Egyptian government would postpone further increases until the end of 2025, provided that global oil prices remain stable at an average of US$73 (EGP 3,547) per barrel.

The Ministry of Petroleum and Mineral Resources announced a fuel price increase on October 18, with the new rates taking effect immediately.

Plans to cut fuel subsidies were calculated based on an oil price of $80 (EGP 3,887) per barrel, Madbouly reported during a press conference. However, as of October 19, prices have fallen below $73 (EGP 3,547), he addedwhich will influence pricing.

“Any future price increases are expected to be smaller than previously expected,” Madbouly said.

“We aim to reduce inflation, and as part of this effort there will be no fuel price increases for the next six months,” Madbouly said. saidreiterating the government’s commitment to supporting low-income citizens while ensuring subsidies remain in place.

Diesel prices have risen since the beginning of the year rose by 63 percent, while the octane number of fuels has increased by more than 30 percent.

In July 2024, the same month as the second increase, Madbouly announced a gradual increase in fuel prices is expected to continue until the end of 2025, adding that the government can no longer bear the weight of fuel subsidies in the face of escalating consumption.

The third increase this month led to diesel prices jump from USD 0.24 (EGP 11.5) to USD 0.28 (EGP 13.5) per liter, which is an increase of 17.3 percent.