This decision comes amidst rising global oil prices exacerbated by conflicts such as the Gaza war and preceding the Russo-Ukrainian war.
The decision to adjust gasoline and diesel prices in line with global trends has been announced in Egypt, following several postponements of the increase.
This decision comes amidst rising global oil prices exacerbated by conflicts such as the Gaza war and preceding the Russo-Ukrainian war.
Budget allocations for supporting fuel prices and other petroleum products have reached approximately 119.419 billion pounds in the current budget, which began implementation on July 1st last year, with an increase of about 61.325 billion pounds.
A government source stated, "Gasoline 80, 92, and 95 have increased by one pound, resulting in a 10% increase in fares." Additionally, the source added, "Diesel has increased by 175 piasters, which corresponds to a 15% increase in fares, and gas cylinders have increased by one pound, leading to a 10% increase in fares."
Furthermore, there will be inspections of bakeries and parking facilities, and a tariff will be issued at 3 AM. The Minister of Development will execute these actions based on the Prime Minister's instructions, in coordination with the Ministries of Petroleum, Supply, and Interior.
The decision to adjust gasoline and diesel prices in Egypt reflects the government's response to the volatile global oil market and geopolitical tensions, particularly the conflicts in Gaza and Ukraine.
Despite multiple delays, the move to align domestic fuel prices with international trends underscores the authorities' commitment to managing economic challenges and ensuring the sustainability of fuel subsidies.
However, the price hikes, albeit necessary, will likely impact consumers, leading to increased transportation costs and potentially higher living expenses. The government's efforts to coordinate with relevant ministries and implement measures to mitigate the impact on vulnerable segments of society will be crucial in navigating the transition smoothly.
As Egypt continues to grapple with economic pressures, balancing the need for fiscal stability with social welfare considerations remains a delicate task for policymakers.
