- The latest fuel price increases will probably raise the cost of other goods when most Egyptians face the challenges of an ailing economy.
- Monthly stipends for the most vulnerable of Egypt’s 104 million people under a state programme called Takaful and Karamah will be raised by 25 per cent.
Earlier Thursday, the state’s fuel pricing committee raised domestic fuel prices by 0.75 Egyptian pounds ($0.025) for 80-octane petrol to 8.75 pounds a litre and by one pound to 10.25 pounds for 92-octane fuel. The committee also raised the premium 95-octane petrol by 0.75 pounds to 11.50 pounds a litre. The price of natural gas for vehicles also increased from 3.75 pounds a cubic metre to 4.50 pounds. The price of diesel, widely used for the transport of goods and passengers across the country, remains at 7.25 pounds a litre. The latest fuel price increases will probably raise the cost of other goods when most Egyptians face the challenges of an ailing economy.
Egypt announced a package of wage and pension increases in its latest bid to cushion the effect of soaring prices only hours after authorities raised domestic fuel prices by more than 10 per cent, which is likely to increase inflation. The package, announced by President Abdel Fattah El Sisi in a televised address, will come into effect on April 1.
It raises the minimum monthly wage for entry-level government employees to 3,500 pounds ($116) and 5,000 pounds for mid-ranking employees. The minimum wage for government workers with a master’s degree will now be 6,000 pounds, while those with a doctorate will receive 10,000 pounds. Pensions will be raised by 15 per cent, and the threshold for collecting income tax will rise from 24,000 to 30,000 pounds per annum. Monthly stipends for the most vulnerable of Egypt’s 104 million people under a state programme called Takaful and Karamah will be raised by 25 per cent.
Mr El Sisi, a former army general in office since 2014, in his address, delivered at a ceremony to open development projects in Minya, a province south of Cairo, said, “I would like to clearly state that I have the interest of the Egyptian citizen constantly before my eyes, with the goodness of his life a specific target we never steer away from. As much as I realise the magnitude of pressure citizens have to endure, I also have confidence in their ability and self-denial as they face challenges”.