Egypt recently raised fuel prices for the third time in 2024, sparking backlash from the public. Prime Minister Mostafa Madbouly addressed the issue during a press conference, revealing the state’s plan to gradually increase fuel prices until the end of 2025. Madbouly emphasized that there will be no further increase in fuel prices for the next six months to create stability and reduce inflation. He explained that the government is reacting to the global increase in petroleum prices to secure resources and prevent electricity shortages. Madbouly acknowledged the financial burden on citizens but emphasized the state’s efforts to alleviate the impact on limited income groups. The government will continue to support lower-income citizens with subsidies and balance electricity services. Despite the necessity of fuel price increases, the government aims to minimize the impact on the public while managing the economic challenges effectively.
Source: Egypt Independent