The Egyptian government announced on Friday its decision to adjust the prices of gasoline and diesel (known as benzene and solar) in line with global trends, following multiple postponements of the increase. This decision comes amidst soaring global oil prices exacerbated by conflicts in Gaza and the Russia-Ukraine war.

According to government sources, the prices of various fuel grades will increase, with benzene 80, 92, and 95 rising by one Egyptian pound. Consequently, there will be a 10% increase in transportation fares.

Solar prices will increase by 1.75 Egyptian pounds per liter, resulting in a 15% hike in transportation fares. Additionally, gas cylinder prices will increase by one Egyptian pound, leading to a 10% fare increase.

Furthermore, as part of the government's efforts to mitigate the economic impact of these adjustments, there will be increased oversight on bakeries and parking lots, with revised tariff rates effective at 3 AM. The Ministry of Development will implement these measures in coordination with the Ministries of Petroleum, Supply, and Interior.

The Egyptian government's decision to adjust fuel prices aligns with global economic realities and aims to ensure the sustainability of the country's economic stability. Despite the challenges posed by rising global oil prices and regional conflicts, Egypt remains committed to implementing gradual economic reforms while prioritizing the welfare of its citizens.

By maintaining subsidies on essential commodities and carefully managing fuel prices, the government demonstrates its dedication to mitigating the impact of economic fluctuations on the most vulnerable segments of society.

This proactive approach underscores Egypt's resilience and ability to navigate through complex economic challenges, fostering confidence in its long-term economic prospects.