The Egyptian Ministry of Petroleum increased petrol price early November in a move to alleviate fuel subsidy expenditure within the country’s economic reform program. The government has implemented the new prices upon announcing the change, reported Al Borsa.

As per the ministry’s official website, fuel prices were set as follows, Octane 95 petrol sells for EGP 6.50 per liter. The ministry has liberated the price of this grade of petrol. Octane 92 petrol has risen by  35% to reach EGP 3.50 per liter, and Octane 80 petrol has risen by 47% to EGP 2.35 per liter. Furthermore, the selling price of diesel has risen by 31% to reach EGP 2.35 per liter, while kerosene sells for EGP 2.35 per liter, compressed natural gas for automobiles has risen by 31% to reach EGP 1.60 per cubic meter, while mazot will now cost between EGP 1,500 and EGP 2,500 per ton.

Lifting fuel subsidies has led to an increase in  natural gas prices for home consumers. The selling price increased to reach EGP 0.75 per cubic meter for usages less than 40 cubic meter, EGP 1.5 per for usages ranging between 40 to 75 cubic meter, and EGP 2 per for consumption of more than 75 cubic meters.

Lifting fuel subsidies came as measure to that met a key demand by the International Monetary Fund (IMF) in order to secure a $12bn loan.