Currency

Egypt increases fuel prices amid local currency depreciation




The Egyptian government has implemented an increase in fuel prices, a decision that directly impacts the nation’s inflation rates and the financial well-being of its population. This adjustment was disclosed through an official announcement on the Cabinet’s social media platform, taking effect immediately. Specifically, diesel prices have escalated from 8.5 to 10 Egyptian pounds per liter, marking a significant shift for the primary fuel used in the transportation sector.

Furthermore, the cost for 95 octane gasoline has risen to 13.5 Egyptian pounds per liter, up from 12.5 pounds, reflecting Egypt’s challenges as a net energy importer amidst global price surges and the local currency’s depreciation. These developments are anticipated to strain consumer budgets further and elevate inflationary pressures, with recent data indicating a leap in the annual urban inflation rate to 35.7% and a near 51% increase in food prices compared to the previous year.

Source: abcnews.go.com

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