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Egypt Again Raises Gasoline Prices

Egypt Again Raises Gasoline PricesEgypt Again Raises Gasoline Prices

Egypt raised energy prices on Friday as part of austerity measures aimed at securing a three-year $12 billion International Monetary Fund loan agreement. The price of 92 octane gasoline rose 34.6% to 3.5 Egyptian pounds (23 cents) from 2.6 pounds (17 cents) per liter, while 80 octane gasoline went up 46.8% to 15 cents from 10 cents, Reuters reported. Diesel also rose to 15 cents per liter, an increase of 30.5% from 12 cents. The less commonly used natural gas for vehicles rose by 45.5% to 10 cents per cubic meter, up from seven cents. It is the second time Egypt has raised fuel prices in recent history. In 2014, it increased prices by up to 78% to ease pressure on a swelling budget deficit. Food and energy subsidies traditionally eat up a quarter of Egyptian state spending. The government is cutting subsidies in hopes of reviving an economy battered by years of political turmoil since a 2011 uprising.

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