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Petroleum product prices in Egypt to gradually increase till end of 2025, PM says

Egypt's Prime Minister Mostafa Madbouly stated on Wednesday that prices of petroleum products will gradually increase up until the end of December 2025.

Egypt currently invests billions on subsidising petroleum and energy costs for millions of consumers, which has been criticized a number of times by state officials in addition to economic experts, consisting of those of the International Monetary Fund ( IMF) that has just recently expanded its lending to Egypt.

In April, the IMF approximated that Egypt's fuel aids ought to go down from EGP 331 billion ($ 6.8 billion) in 2024/2025 to EGP 245 billion ($ 5.1 billion) in 2024/2025.

The Egyptian state can not bear the increasing usage and the increasing international costs, Madbouly said.

He likewise said that electricity intake has been increasing rapidly, reaching about 38.5 gigawatts (GW) daily, which forces Egypt to import natural gas to create electrical energy and stop the load-shedding policy that Egypt was forced to adopt in 2023.

Looking ahead, Madbouly stated that the electrical energy scarcity is estimated at 4 GW, some 2.65 GW of which will be covered by new renewable energy projects that will be provided before summertime 2025 in cooperation with the economic sector.

(source: Reuters)