2024-07-25 14:23:14
In conjunction with successive official talks about the ability to bear global prices, Egypt announced a price increase for a wide range of fuel products, by up to 15%.
According to the official gazette, citing the Ministry of Petroleum, “Petrol prices have been increased by up to 15 percent, with the price of a liter of 80 octane gasoline now at EGP 12.25 ($0.25), 92 octane gasoline at EGP 13.75, and 95 octane gasoline at EGP 15. Diesel, one of the most widely used fuels, saw a larger increase, as it was decided to raise it to EGP 11.50 ($0.24) from EGP 10.”
Egypt has raised fuel prices several times over the past three years, and Egyptian Prime Minister Mostafa Madbouly had previously said, “Petroleum product prices will gradually rise until December 2025,” saying that Egypt cannot afford increased consumption and rising global prices.
He added that “electricity consumption is increasing rapidly, reaching about 38.5 gigawatts per day, which forces Egypt to import natural gas to generate electricity and stop the load shedding policy it has adopted since last year.”
Madbouly said: “The deficit in generated electricity is estimated at about 4 gigawatts, and it is expected to cover about 2.65 gigawatts of it through new renewable energy projects scheduled to be delivered before the summer of next year in cooperation with the private sector.”
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2024-07-25 14:23:14