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Elham AbolFateh

Egypt

Moody's: Increasing fuel prices in Egypt is a positive factor for credit rating

Friday 22/June/2018 - 12:00 PM
Sada El Balad
Ahmad El-Assasy

Moody's announced on Thursday that the  fuel price increase implemented by the new government in Egypt is positive for the credit rating. Moody`s is an American business and financial services company. It is the holding company for Moody's Investors Service (MIS), an American credit rating agency, and Moody's Analytics (MA), an American provider of financial analysis software and services.

 

The Foundation confirmed that the Egyptian government will continue to reform fuel subsidies because of its positive impact on the Egyptian economy.

 

Petroleum Minister Tarek Al Mulla said that the aim of increasing fuel prices is to rationalize consumption. He pointed out that the Petroleum Ministry aims to increase the local production، especially as we import more than 30% of our needs from abroad.

 

He explained at a press conference at the cabinet that there is a recent increase in fuel prices expected. The prices of fuel increases according to the plan over 5 years and therefore the prices were increased only 4 times and the last time remains.

 

Noteworthy، The last increase in fuel prices come as follows:

Gas، A canister of gas price for Egyptian households is LE 50، and LE for the commercial purpose.

Gasoline، LE 7.75 a liter for 95 octane gasoline

LE 6.75a liter for 92 octane gasoline

LE 5.50 a liter for 80 octane gasoline

Kerosene price is LE 5.5 a liter.

Diesel price is LE 5.5 a liter.


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