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Deputy Fouad: Manual fuel pricing may rise
Statements by the Deputy Ministers of Foreign Affairs and Petroleum have anticipated that the Petroleum Pricing Committee's decision scheduled for October may lean towards increasing fuel prices, given the current gap—which is approximately equal to the energy subsidy estimated in the budget. This gap is mainly due to the rise in the price of a barrel of oil by more than $30 above the budgeted rate, costing the state around 225 billion Egyptian pounds annually. The study indicated that such an increase could impact inflation and overall prices, with political considerations possibly leading to postponed or modified decisions. Accordingly, current expectations point to a high likelihood of fuel price hikes next month, based on computational analyses and financial discrepancies, while we await further official details.
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