Since 2014, Egypt has experienced unprecedented increases in fuel prices, with 80-octane gasoline prices rising by 1261.11%, 92-octane gasoline by 663.89%, 95-octane gasoline by 140%, and diesel by 525%. These significant hikes are part of the Egyptian government's policies to deregulate fuel prices and restructure subsidies, aimed at reducing the financial burden of subsidies and achieving economic sustainability.
Details of the Increases in Egypt In June 2014, the government announced a 50% increase in gasoline and diesel prices, raising the price of 80-octane gasoline from 0.90 EGP to 1.60 EGP per liter, 92-octane gasoline from 1.80 EGP to 1.80 EGP per liter, and 95-octane gasoline to 6.25 EGP per liter. This was followed by a series of successive increases, particularly after the decision to float the Egyptian pound in November 2016, which resulted in substantial hikes in fuel prices.
Latest Prices in Egypt for 2024
- *80-octane gasoline*: 12.25 EGP per liter
- *92-octane gasoline*: 13.75 EGP per liter
- *95-octane gasoline*: 15.00 EGP per liter
- *Diesel*: 10.00 EGP per liter
- *LPG cylinder*: 100 EGP
Impact of the Increases on Daily Life These significant fuel price hikes have greatly increased the cost of living, affecting transportation costs and essential services. This has placed a heavy financial burden on Egyptian households. The cost of many goods and services has risen due to increased transportation and production costs, leading to significant inflation.
Comparison of Fuel Price Increases in Egypt and Other Countries
While Egypt leads with massive fuel price increases, other countries have also seen substantial hikes, though less severe.
Turkey Turkey has seen notable increases in fuel prices, with an average increase of about 70% for 80-octane gasoline, 68% for 92-octane gasoline, 66% for 95-octane gasoline, and 67% for diesel. These increases reflect economic fluctuations and government policies aimed at reducing fuel subsidies.
Thailand and South Africa Thailand and South Africa have also experienced significant increases, with average hikes ranging between 57.75% and 62.75%. These increases reflect economic reform policies and reduced government fuel subsidies.
Brazil, Indonesia, and Mexico These countries have seen moderate increases in fuel prices, with Brazil averaging around 52.75%, and Indonesia and Mexico around 47.75%. These hikes reflect economic challenges and reform policies aimed at reducing the financial burden of subsidies.
Other Countries: Sri Lanka, Ghana, and Kenya These countries have experienced increases ranging between 32.75% and 42.75%, reflecting changes in subsidy policies and economic challenges.
Effects of the Increases on Citizens The significant fuel price hikes have placed substantial economic pressure on citizens, leading to increased living costs and higher prices for goods and services. In Egypt, for instance, the successive increases have raised transportation and essential service costs, sparking widespread protests among citizens.
The significant increases in fuel prices in Egypt compared to other countries highlight the substantial economic challenges and ambitious government policies aimed at achieving economic sustainability. While these policies seek to reduce the financial burden of subsidies and achieve economic balance, they have created significant pressures on citizens and substantial social and economic challenges. Egypt remains a unique case with its massive fuel price increases, placing it at the forefront of developing nations in terms of the magnitude of the hikes and their economic impact.
