Egypt must raise fuel prices, official says – Middle East Monitor
An Egyptian government report yesterday recommended an increase in fuel prices of 75 piastres ($0.04) per liter, citing the significant increase in world oil prices after the start of Russia’s war against Ukraine.
A periodic assessment by the Minister of Petroleum and Mineral Resources recommended a “price increase of 75 piastres per litre”.
“The report’s valuation is based on a price equation that takes into account international oil prices, production, operating and transportation costs, and the exchange rate of the pound against the US dollar,” noted a source who helped conduct the review.
On March 17, the Egyptian government raised the prices of liquid gas, which people use to heat their homes. Prime Minister Mostafa Madbouly took the decision to raise the price of gas to 75 pounds (about 5 dollars); a five pound increase.
The price hike comes as Human Rights Watch warned that the Russian invasion of Ukraine is exacerbating rising food prices and deepening poverty in the Middle East and North Africa.
Egypt depends on Russia and Ukraine for around 80% of its wheat imports. Both countries are major exporters of agricultural products to the MENA region and war and sanctions are disrupting this supply.
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