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Government did not inform parliament of upcoming increases in fuel prices: Hegazy - Daily News Egypt

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Government did not inform parliament of upcoming increases in fuel prices: Hegazy

Fuel prices may rise before the end of the current fiscal year as part of the economic reforms undertaken by Egypt to obtain a loan worth $12bn from the IMF, while in the Q2 and Q3 of the current fiscal year, there aren’t any intentions for increasing prices


The deputy of the Energy Committee in the House of Representatives, El Sayed  Hegazy said that the government assured the Committee that there is no trend to raise fuel prices during the current period, with only the increase during the current fiscal year and past.

The commissioner added that fuel prices may be raised before the end of the current fiscal year as part of the economic reforms undertaken by Egypt to obtain a loan of $12bn  from the International Monetary Fund (IMF), while in the Q2 and Q3 of the current fiscal year there is no trend to increase.

But the Member of the Parliament (MP)  Talaat Khalil, a member of the plan and budget committee, said that there is a trend of new increases in fuel prices during the current year and the government is hiding this for citizens.

He added that the government aims to have a complete liberalization of fuel prices by the end of the current fiscal year in conjunction with an IMF loan of $12bn.

Khalil intends to re-submit an interview against the government of the current Prime Minister Sherif Ismail to raise confidence in the House of Representatives because of the rapid economic decisions taken during the past period, which led to high prices have severely affected the Egyptian citizen and raised the proportion of the poor to more than 27%

The Egyptian Cabinet approved an increase in the prices of petroleum products and natural gas, raising the price of Gasoline 80 from EGP 2.35 to EGP 3.65  per litre representing a rise of 55.3%, and the price of Gasoline 92 from EGP 3.5 to EGP 5 per litre, which represents a rise of 42.9 %.

It also raised the price of diesel fuel from EGP 2.35 to EGP 3.65, representing a rise of 55.3%, and raising the price of the LPG to double the price of EGP 15 to EGP 30 per cylinder.

This is the second time the Egyptian government has raised fuel prices since the liberalization of the pound exchange rate last November.

The Ministry of Petroleum announced in November last year raising the price of Gasoline 80 to 2.35 pounds per litre from EGP 1.60 and the price of Gasoline 92 to EGP 3.50 per litre from EGP 2.60.

Last week, Egypt visited the IMF mission to review the government’s economic reform measures for the second tranche of the loan.

Egypt received the first tranche of the IMF loan of 4 billion dollars on the first two times of 2.750 billion dollars and the second with $1.250bn.

Hegazy said that the government intends to refer two draft laws, the first relating to the amendment of the authority of nuclear power plants in the framework of Egypt’s entry into the era of nuclear energy.

The bill aims to convert the device into an economic body and the second draft law related to natural reserves and conservation of the environment.

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