Egypt raised prices for all three grades of gasoline by E£0.25/liter as it set the price for Q2 on 15 April, the fifth consecutive quarter it has raised prices at the pump by that amount. Cairo’s reticence to raise prices further despite soaring international oil prices, the devaluation of its local currency and rising inflation will translate into a rising fuel products subsidy bill.
While Cairo has been able to do away with electricity subsidies since the 2019-20 financial year, it has been unable to completely remove them from fuel products, for which it shelled out E£18.9bn ($1.2bn) in financial year 2020-21 which ended on 30 June last year. (CONTINUED - 538 WORDS)
