According to a statement from the Egyptian Council of Ministers, Madbouly said, “In coordination with the Minister of Petroleum and according to studies conducted by the government, related to targeting inflation control, it has been agreed with the announcement of the latest increase that no further increase will occur during the next six months, in order to achieve some kind of stability and reduce inflation.” In the coming period.”
And it was Egypt On Friday, it announced that fuel prices would be raised for the third and final time this year, the year in which Cairo agreed with the International Monetary Fund on an expanded loan program worth eight billion dollars.
Gasoline prices rose by between 11 percent and 13 percent, bringing the price of 80 gasoline to 13.75 pounds, 92 gasoline to 15.25 pounds, and 95 gasoline to 17 pounds per liter.
The price of diesel, one of the most widely used types of fuel in the country, witnessed the largest increase, reaching 13.50 pounds per liter from 11.50 pounds.
But the government fuel pricing committee, which usually meets every quarter, said on Friday that its next meeting will be held in six months, meaning in 2025.
Raising gasoline and diesel prices came as part of the government’s attempts to reduce fuel subsidies, and after two increases that were implemented last March and July.
Madbouly reiterated that the government “is forced to gradually increase fuel prices until the end of 2025,” noting “the burdens that the state has borne and is bearing as a result of the massive increases in the prices of petroleum products and fuel, which the state has borne largely to secure additional resources, to ensure that electricity will not be interrupted again.” Other”.
Madbouly said, “The state is fully aware of the impact of rising prices on the citizen, and no government wants to increase prices, but the government resorts to that within the framework of studying the system, and based on awareness of the size of the large financial burden that the state and the government bear,” adding that “the state is keen to bear The bulk of the burden falls on the citizen.”
He added, “This is the government’s approach and it will not change it as much as possible. The state will always work to bear the burden on the poor segments of citizens, and achieve a balance in electricity services and any other services that affect the lives of citizens. The segments that represent limited and middle-income groups will always be taken into account, and it will remain.” Support exists even after reaching the equilibrium point.”
Madbouly said, “During the next weekly Cabinet conference, the Minister of Petroleum will explain the issue in detail, and clarify the measures that the state is taking to develop and advance this sector.”
In light of the floating of the pound and the raising of the prices of many services, such as the prices of electricity, gasoline, and metro tickets, Egyptians are suffering from high inflation rates, which in September reached 26.4 percent on an annual basis, up from 26.2 percent in August, which was contrary to analysts’ expectations.
The inflation rate in Egypt was heading towards a decline from its highest level, which reached 38 percent in September 2023, but it rose unexpectedly in August and September 2024, which prompted the Central Bank of Egypt to maintain interest rates at their highest historical levels last Thursday, For the fourth time in a row.
The central bank has not changed interest rates since it raised them by 600 basis points in an extraordinary meeting in March as part of the International Monetary Fund loan agreement. This increase came after an increase of 200 basis points on the first of February.
