Egypt hikes up gasoline prices

Egypt's Automatic Pricing Committee for Petroleum Products has unveiled a new price increase for all types of gasoline. The decision, which forms part of a wider quarterly review of fuel prices, will come into effect starting from this Friday. The new prices are set at 10 Egyptian pounds per liter for 80-octane gasoline, 11.5 Egyptian pounds per liter for 92-octane gasoline, and 12.5 Egyptian pounds per liter for 95-octane gasoline. This represents a significant hike from the previous prices, which were 8.75, 10.25, and 11.5 Egyptian pounds per liter for the 80, 92, and 95-octane fuels respectively. The announcement follows a series of fluctuations in global oil prices and is expected to impact a wide range of economic sectors in the country. Fuel prices in Egypt are adjusted on a quarterly basis as part of the government's economic reform program. The government has expressed its commitment to gradual price increases in an attempt to limit the economic burden on citizens.