Less than 24 hours after the Egyptian Pound was floated by the Central Bank of Egypt, the government issued a decision raising prices of fuel, diesel, butane gas, and natural gas by up to 47 percent. The increase in prices is a result of the Egyptian government reducing subsidies on gas products, which have historically been highly subsidized. Fuel and Diesel According to the Ministry of Petroleum, the prices for 80 octane gasoline increased from EGP 1.6 to EGP 2.35 per litre. Prices for 92 octane gasoline have increased to EGP 3.5 from EGP 2.6 per litre, while diesel prices increased to EGP 2.35 per litre from EGP 1.8. However, prices for 95 octane have remain unchanged at EGP 6.25 per litre. Natural and Butane Gas For natural gas, prices have increased from EGP 1.1 per cubic metre to EGP 1.6 per cubic metre. Meanwhile, butane gas for homes have increased in price from EGP 8 to EGP 15, while prices for commercial consumption increased from EGP 16 to EGP 30. Background – Floating of the Currency On Thursday, the Central Bank of Egypt announced that it has floated the…
