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Egypt raises fuel prices amid economic reform, transportation cost surge
STORY: Egypt raises fuel prices amid economic reform, transportation cost surge
SHOOTING TIME: Archive
DATELINE: March 23, 2024
LENGTH: 00:01:05
LOCATION: Cairo
CATEGORY: ECONOMY
SHOTLIST:
1. various of the Egyptian Ministry of Petroleum
2. various of fuel stations in Cairo
STORYLINE:
Egypt announced on Friday it would raise the prices of fuel due to the impact of exchange rate liberalization on the economy and rising transportation costs of petroleum products.
The Ministry of Petroleum and Mineral Resources said in a statement that gasoline prices would rise by one Egyptian pound (about 2 U.S. cents) per liter, bringing the price of 80-octane gasoline to 11 pounds, 92-octane gasoline to 12.5 pounds, and 95-octane gasoline to 13.5 pounds.
The ministry attributed the price hike to exchange rate liberalization and the rising transportation costs of petroleum products, exacerbated by tensions in the Red Sea.
Additionally, diesel prices rose to 10 pounds per liter from 8.25 pounds, and the price of the 12.5-kilogram butane cylinder for domestic use increased from 75 pounds to 100 pounds.
Xinhua News Agency correspondents reporting from Cairo.
(XHTV)
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