Egypt’s fuel prices may increase by 10-15%: Official
The Head of the General Division for Petroleum Products at the Federation of Egyptian Chambers of Commerce (FEDCOC), Hassan Nasr, predicted a 10–15 percent increase in gasoline and diesel prices in the coming period. During a phone-in with “Hadith al-Qahira” (Cairo Talk) on the “al-Qahira wal Nas” (Cairo and the People) channel, Nasr said that … The post Egypt’s fuel prices may increase by…
Egypt's fuel prices may see a 10 to 15 percent increase in the near future, according to a senior official from the country's leading business organization. Hassan Nasr, Head of the General Division for Petroleum Products at the Federation of Egyptian Chambers of Commerce (FEDCOC), made this prediction during an interview with the "Hadith al-Qahira" (Cairo Talk) channel.
Nasr stated that the fuel pricing committee is set to convene in October to assess fuel rates, dismissing the notion of prices remaining the same and reaffirming that the increase is inevitable. He cited the volatile nature of global energy markets as the primary reason for the anticipated hike.
The debate over potential price adjustments has been ongoing for approximately two months, coinciding with a significant 50 percent rise in global oil prices compared to the previous period. This surge in oil prices is expected to have an immediate impact on Egypt.
Nasr further explained that the Egyptian state faces a substantial financial burden due to fuel subsidies, making any decision to lower fuel prices a complex one. He underscored that keeping prices unchanged would impose an even greater financial strain on the state because of ongoing subsidies on petroleum products.
Written by urgent.news from Egypt Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
