Due
to the recent rise in the price of crude oil on a worldwide scale and the
depreciation of the local currency, Egypt has increased the price of diesel by
about 14%.
The
price of the gasoline used to power the majority of the nation's public
transportation would increase by 1 Egyptian pound to 8.25 Egyptian pounds
($0.27) per litre as of Thursday.
According
to a statement from Egypt's domestic fuel pricing committee, the decision was
taken "in light of the increase in international prices for crude oil and
petroleum products as well as the exchange rate of the pound against the
dollar".
Consequently,
the Egyptian Ministry of Local Development announced a 10% increase in public
bus fares.
The
cost of gasoline won't alter. It was the second meeting of the year. First, in
March, the committee increased the price of domestic fuel by 0.75 Egyptian
pounds per liter of 80-octane gasoline and by 1 Egyptian pound to 10.25 pounds per
liter of 92-octane fuel.
Premium
95-octane gasoline now costs 11.50 pounds per litre, an increase of 0.75
pounds. Additionally, the cost of natural gas for automobiles was raised from
3.75 to 4.50 pounds per cubic metre.
In
exchange for financial support from the IMF, Egypt has promised to
progressively cut the subsidies it provides to its 104 million citizens, 30% of
whom are considered to be living in poverty.
According
to a statement made earlier this year, the country's Finance Ministry has set
aside 119.4 billion Egyptian pounds, or almost $3.8 billion, to subsidize
petroleum goods in the 2023–2024 fiscal year.
Comments
Post a Comment