CAIRO — On Friday, Egypt announced an increase in fuel prices ranging from 10% to 17%, a decision anticipated to influence the pricing of various goods and services throughout the nation.

In a statement shared on Facebook, the Egyptian government explained that this move aims to “narrow the disparity between the retail prices of petroleum products and their elevated production and import expenses.”

Egyptians continue to confront escalating inflation, dealing with rising everyday costs that surged over the summer, including a prior 10% fuel price hike, increased subway fares, and a decline in the value of the local currency against foreign currencies.

With the new fuel prices effective immediately, the cost for a liter of diesel—which is a crucial resource for public transportation—rose from 11.5 pounds (approximately $0.23) to 13.50 pounds (about $0.25). Meanwhile, the price of 92-octane gasoline increased to 15.25 pounds (around $0.31), up from 13.75 pounds (roughly $0.28).

The last adjustment in fuel prices occurred on July 25, following an earlier increase in March. The government linked these price hikes to the rising costs associated with energy imports, exacerbated by the local currency’s depreciation and a global spike in fuel prices driven by the ongoing situation in the Red Sea.

This past spring, Egypt secured a deal with the International Monetary Fund (IMF) to enhance its bailout package to $8 billion. These recent price adjustments have been deemed essential for meeting the IMF’s conditions for continued financial support to the country.