No increase in consumer price of gasoline – Egyptian FinMin

The selling price of gasoline and diesel fuel to consumers will not increase after parliament approved new levies on petrol and diesel, Egyptian Finance Minister Mohamed Maait announced.

Maait asserted that the new fees are accounting adjustments between the finance and the petroleum ministries, and will not lead to any increase in the prices paid by citizens.

Egypt’s House of Representatives approved on Monday a draft law aiming to impose “a financial development fee” on a number of items including gasoline and diesel fuel, athlete contracts, the licensing of sporting services, and pet food.

The draft, an amendment to Law 147/1984 on the imposition of a state financial resources development fee, will levy a fee of 0.3 pounds piastres (a third of one Egyptian pound) per litre of gasoline and 0.25 pounds piastres (a quarter of one Egyptian pound) per litre of diesel.

The finance minister explained that the new fees will be paid by the Egyptian General Petroleum Corporation (EGPC), and will go to the state treasury to support social and economic packages aimed at alleviating the burden of citizens and supporting economic sectors during the coronavirus crisis.

The finance minister stressed that the Egyptian government is keen on providing strategic commodities at affordable prices, and will not impose any additional burdens on consumers.