Egypt increased domestic fuel prices for the second time this year on Friday, although it now plans to freeze them for at least 12 months, the Ministry of Petroleum and Mineral Resources said.
Prices were increased by between 10.5 per cent and 12.9 per cent on a range of petroleum products, the official Gazette said. Prices for diesel were raised to 17.50 Egyptian pounds ($0.37) a litre from 15.50 pounds. Gasoline prices increased by up to 12.7 per cent, depending on the grade.
The move comes after prices were raised by nearly 15 per cent in April. It is part of a broader effort to phase out subsidies and align fuel prices with international market rates by the end of the year, as stipulated under the International Monetary Fund’s $8 billion Extended Fund Facility agreement last year.
Following the move, the government plans to freeze domestic fuel prices for at least a year "as a result of the events taking place locally, regionally, and globally" the ministry said.
The ministry said the sector would continue operating its refineries at full capacity, pay arrears to partners and offer incentives to boost output.
"This will contribute significantly to increasing production and reducing the import bill to achieve relative stability in costs and reduce the gap between them [costs] and selling prices," it added.
In May, the IMF said Egypt was making progress towards economic stability, but also urged authorities “to accelerate and deepen the reform efforts to reduce the state footprint, level the playing field, and improve the business environment”.
The fund said it had upgraded its economic growth forecast for Egypt for the 2024-25 fiscal year to 3.8 per cent.
Egypt's economy has faced numerous challenges over the past few years − grappling with rising inflation, foreign exchange shortages and elevated debt levels.
The country has been stabilising, aided by the IMF's $8 billion loan.
This month, Egypt scored a credit rating upgrade from S&P Global Ratings, which boosted its long-term sovereign credit rating by one notch to 'B', with a stable outlook.
The move marked its first upgrade since the country began receiving international financial support in March 2024.
Meanwhile, Fitch, which last upgraded Egypt in November 2024, maintained its 'B' rating on Egypt, also with a stable outlook, underpinned by a “relatively large economy, fairly high potential GDP growth, and strong support from bilateral and multilateral partners”.
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