The Head of the General Division for Petroleum Products at the Federation of Egyptian Chambers of Commerce (FEDCOC), Hassan Nasr, predicted a 10–15 percent increase in gasoline and diesel prices in the coming period.
During a phone-in with “Hadith al-Qahira” (Cairo Talk) on the “al-Qahira wal Nas” (Cairo and the People) channel, Nasr said that a price hike is inevitable, noting that the fuel pricing committee is scheduled to meet this October to review fuel rates.
When asked about the possibility of prices remaining unchanged, he replied, “No, the increase is definitely coming,” pointing out that rising fuel prices are to be expected given the fluctuations in global energy markets.
Discussions regarding a hike in gasoline and diesel prices have been ongoing for about two months, he explained, coinciding with a roughly 50 percent rise in global oil prices compared to the previous period, a shift that will rapidly impact Egypt.
The division head noted that the state bears a heavy financial burden due to fuel subsidies, emphasizing the substantial cost involved, while also taking citizens’ socioeconomic circumstances into account when making decisions to adjust fuel prices.
He also noted that maintaining current price levels would place a heavier burden on the state due to continued subsidies on petroleum products.
