Prime Minister, Mostafa Madbouly, introduced that after the latest gasoline value hike, the third in 2024, Egypt’s authorities would maintain off on any additional will increase till the top of 2025, supplied that international oil costs stay secure at a mean of USD 73 (EGP 3,547) per barrel.
The Ministry of Petroleum and Mineral Assets introduced a gasoline value hike on 18 October, with the brand new charges taking impact instantly.
Plans to scale back gasoline subsidies had been calculated with oil costs at USD 80 (EGP 3,887) per barrel, Madbouly reported throughout a press convention. Nevertheless, as of 19 October, costs have dropped under USD 73 (EGP 3,547), he added, which can affect price-setting.
“Any future value will increase are anticipated to be smaller than beforehand anticipated,” Madbouly mentioned.
“We goal to scale back inflation charges, and as a part of this effort, there will likely be no gasoline value will increase for the following six months,” Madbouly mentioned, reiterating the federal government’s dedication to supporting low-income residents whereas making certain that subsidies stay in place.
For the reason that starting of the yr, diesel costs have surged by 63 p.c, whereas octane fuels have climbed by greater than 30 p.c.
In July 2024, the identical month because the second enhance, Madbouly introduced a gradual enhance in gasoline costs projected to proceed by way of the top of 2025, including that the federal government might not maintain the burden of gasoline subsidies in mild of escalating consumption.
The third enhance of this month led to diesel costs leaping from USD 0.24 (EGP 11.5) to USD 0.28 (EGP 13.5) per liter, which is a 17.3 p.c hike.
