(AFP Photo / Khaled Desouki)
By: Mohamed Adel
President Abdel Fattah Al-Sisi has yet to specify the date for or the amount of domestic market gasoline and diesel price increases said a senior official from the Egyptian General Petroleum Authority (EGPC).
They delay in announcement is due to Al-Sisi having yet to agree to the amendments made by the government to the fiscal year 2014-2015 budget.
The official said that rumours circulating in the media regarding a Tuesday price increase were untrue, but if Al-Sisi ratified the budget, the fuel price increase will be announced.
The official added that if the timing and value are announced beforehand, black market merchants and smugglers will likely store large quantities of petroleum products. The stores will be sold on the market following the price increase, with the smugglers and merchants receiving the profits.
He added that the date to raise prices will remain unannounced prior to the increase, a set of measures that was also used during the price increase for 95-gasoline. At that time, the Ministry of Supply launched spontaneous campaigns to limit gasoline quantities in each station, applying the increase suddenly, having begun with supplies stored in tanks
The rate of increase, implemented by the government, will be set according to the value of petroleum product subsidies. These are set to be approved by Al-Sisi in the budget upon his return from his Africa tour, said the official.
According to the official, there is expected to be a 30% rise in consumption levels of diesel and 80 and 92 gasoline. This is due to suggestions currently circulating regarding the timing of the price increase, with citizens stocking up for sale or use.
