News

Fuel and Cooking Gas Prices Surge In Egypt

mm
Fuel and Cooking Gas Prices Surge In Egypt

Reuters/Mohamed Abd El Ghany

As of Saturday, Egyptian fuel and cooking gas prices increased as part of the country’s economic reforms measures to service Egypt’s currently ailing economy.

The Egyptian authorities declared the changes in prices on the second day of Eid al-Fitr, therefore making it the third time the Egyptian government increased the fuel prices following the austerity measures announced in 2015.

The Ministry of Oil announced the new prices in a statement on Saturday morning. The changes in the prices declared were the following:

More than 60-percent increase in the prices of both the cooking gas for commercial use that augmented from 60 to 100 pounds (from $3.30 to $5.60 per cylinder) and the cooking gas for home use that increased from 30 to 50 pounds (from $1.68 to $2.80). Around 34-percent increase in the prices of octane gasoline whereas ninety-two octane gasoline increased from 5 pounds to 6.75 pounds (from $0.28 to $0.38) per liter and eighty octane gas increased from 3.65 to 5.5 pounds (from $0.20 to $0.31). Nearly 17.5 percent increase in ninety-five octane gasoline which increased from 6.6 pounds to 7.75 pounds (from $0.37 to $0.43)

Authorities have also increased prices of drinking water by up to 45 percent, electricity by 26 percent, and raised metro fares in the last few weeks. The metro fare prices hike was met with civilians protests.

Egypt secured a three-year $12 billion bailout loan in 2016 from the International Monetary Fund by taking multiple measures including slashing subsidies, imposing a value-added tax and a currency flotation. Although the economists and business praised the tough austerity measures, poor and middle-class Egyptians find difficulties in adapting to the new prices.

Following the 2011 unrest associated with the ruling of Hosni Mubarak, Egypt’s economy is said to be still recovering as Egypt’s President Abdel-Fattah el-Sissi declared that Egypt’s spending to cover fuel, food and electricity is measured to be $18.6 billion a year.

El-Sissi thus defended his government’s decision as he emphasized on the necessities of the economic reforms which none of his predecessors previously implemented.

Fuel Price Hike Prompts Increase in Public Transportation Fares
"Egypt Won!": Egyptians 'Proud' Despite World Cup Loss to Uruguay

Subscribe to our newsletter


News

More in News

Canada Bans Entry For Travelers From 10 Countries, Including Egypt

Marina Makary1 December 2021

‘A Disgrace’: Fans React to Egypt’s Salah’s Seventh Ranking in the Ballon d’Or 2021

Egyptian Streets30 November 2021

Egyptians Ages 12 to 15 Now Eligible for COVID-19 Vaccination

Amina Zaineldine29 November 2021

Egypt Bans Flights from Seven African Countries Over New COVID-19 Variant

Egyptian Streets27 November 2021

Egypt’s President Visits West Aswan to Follow Up on Relief Efforts

Mona Bassel25 November 2021

Egyptian Actress Soheir El-Bably Passed Away Aged 86

Nadine Khaled22 November 2021

Registration for Egypt’s World Youth Forum 2022 Now Open

Egyptian Streets21 November 2021

Egypt’s Landmark ‘RiseUp Summit 2021’ Coming to the Pyramids

Marina Makary21 November 2021