After implementing the increase in fuel prices in Egypt, Prime Minister Mostafa Madbouly responded to the backlash and revealed the state’s plan for for the issue up until the end of 2025.
During a press conference held after inspecting service projects in Minya Governorate on Saturday, Madbouly said: “We are have to gradually increase fuel prices until the end of 2025,” noting that fuel prices will not be increased for the next six months.
He added: “We are following the reactions after the increases that occurred in fuel. We previously talked about the additional burdens that the state bears as a result of the huge increase in the prices of petroleum products and fuel globally, so that we can provide additional resources and ensure that electricity is not cut off again. I spoke clearly that we are forced to gradually introduce these increases until the end of 2025, so we are taking our steps based on this issue.”
“It was coordinated with the Minister of Petroleum that there will be no further increase for the next six months in order to create a state of stability that will help reduce inflation in the coming period,” he explained.
He continued: “Our calculations for this matter were made on the basis that the price of a barrel is US$80 and today the price is $73. This means that if prices stabilize at this average, we will have an opportunity as a country not to increase prices in the manner that was planned from now until 2025.”
The Prime Minister stressed that the government is fully aware that the rise in fuel prices hurts citizens, adding that no government wishes to raise prices, but the financial burden on the state is immense and the government is trying in one way or another to pass the smaller part on to the citizen and for the state to bear the largest part of this burden, all while taking into account limited income groups.
Madbouly assured that the state will continue to bear the burden on the lower segments of citizens by achieving balance in electricity services and any others.
He added that the segments representing the limited income and middle groups will be taken into account, with the continuation of subsides allocated to them even after reaching the balance process, and that the government has no other alternative.
Edited translation from Al-Masry Al-Youm
