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Egypt must raise fuel prices, says official 

A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]
A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]

An Egyptian government report yesterday recommended an increase in fuel prices by 75 piasters ($0.04) per litre, citing the significant increase in global oil prices after the start of the Russian war on Ukraine.

A periodic evaluation carried out by the Minister of Petroleum and Mineral Resources recommended an "increase in prices by 75 piasters per litre."

"The report's assessment 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," a source who helped carry out the review pointed out.

On 17 March, the Egyptian government raised the prices of liquid gas, which people use to heat their homes. Prime Minister Mostafa Madbouly issued a decision to raise the price of the gas to 75 pounds (about $5); a five pound increase.

The price rises come 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 relies on Russia and Ukraine for roughly 80 per cent of wheat imports. The two countries are leading exporters of agricultural products to the MENA region and the war and sanctions are disrupting this supply.

READ: Egypt needs an urgent rescue plan

Categories
AfricaEgyptEurope & RussiaHRWInternational OrganisationsNewsRussiaUkraine
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