Egypt Again Raises Gasoline Prices
Egypt Again Raises Gasoline Prices

Egypt Again Raises Gasoline Prices

Egypt 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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