Egypt raises gasoline, diesel prices for third time this year

CAIRO - Egypt raised prices on a wide range of fuel products early on Friday, the petroleum ministry said, marking the third such increase this year.

Prices for diesel fuel, one of the most commonly used fuels in the country, were raised by 17% to 13.50 Egyptian pounds ($0.2779) per litre from 11.50 pounds.

Gasoline prices increased from 11% to 13% depending on the grade, with 80 octane gasoline rising to 13.75 Egyptian pounds, 92 octane to 15.25 pounds, and 95 octane to 17 pounds.

Prime Minister Mostafa Madbouly said in July that prices of petroleum products will gradually increase until the end of 2025, adding that the government could no longer bear the burden of paying the subsidies on fuels amid increasing consumption.

But the government's fuel pricing committee, which typically convenes each quarter, said on Friday its next meeting will be held in six months.