Egypt raises fuel prices as government moves to cut spending

Egypt has raised fuel prices and approved a series of measures aimed at reducing government spending and energy consumption as the country grapples with economic pressure linked to the ongoing conflict in the Middle East.

The price of diesel — widely used in the country’s public transportation system — has increased by more than 17 per cent.

According to Associated Press, the price of gasoline with an octane rating of 92 has risen by 15 per cent, while gasoline with an octane rating of 95 has increased by 14 per cent.

The government has also introduced additional austerity measures, according to the Egyptian online outlet Al Ahram. These include limiting official travel by government officials and accelerating efforts to convert vehicles to run on natural gas in order to reduce energy consumption.

Egypt, the most populous country in the Arab world, relies heavily on imported fuel, leaving its economy vulnerable to disruptions in global energy markets.

The continuing conflict in the Middle East has placed additional pressure on the country’s economy. On Monday, March 9, the Egyptian pound fell to a record low, trading at more than 52 to the US dollar.

By Tamilla Hasanova