PM: No Fuel Price Increases Until The End of 2025 if Global Price StabilizesSource: www.export-egypt.com 10/19/2024, Location: Africa |
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Prime Minister Mostafa Madbouly announced that, following the recent increase in fuel prices, if global prices stabilize at an average of $73 per barrel, there will be no further hikes until the end of 2025.
Madbouly made these remarks during a press conference to inaugurate infrastructure projects in Minya governorate. "We are compelled to adjust fuel prices until the end of 2025," he added, noting that the government is trying to minimize the burden on citizens while bearing the brunt of the impact and will continue supporting low and middle-income households. Furthermore, Madbouly announced that the Minister of Petroleum will hold a press conference next about the recent increases in fuel prices. The Ministry of Petroleum and Mineral Resources announced Friday the third fuel price increase in 2024, effective on the same day, affecting various octanes and diesel. The price of diesel fuel, widely used for transporting goods and passengers across the country, has risen from EGP 11.5 to EGP 13.5 per litre, increasing by 17.3 percent. The ministry said its pricing committee's next session will be held in six months. The recent price adjustments reflect a significant rise from the start of the year, with diesel prices increasing by 63 percent and octane prices by over 30 percent. The move is attributed to the global oil price surge triggered by the expanding war in the Middle East, tensions in the Red Sea, and the Russian-Ukrainian war. Brent crude oil prices rose to over $80 per barrel earlier in October before falling to nearly $74 on 18 October. |
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