The price of 80-octane gasoline has increased from LE 2.35 per Litre to LE 3.65 which means buses, microbuses, taxis and even tuktuk's fare will increase.
At the fuel state, an old taxi driver and a sign with the new prices in Cairo, Egypt on Thursday "Photo: Reuters" |
The prices of food supplies as well any things use that trucks for transportation will increase as well.
Already, vegetables' prices are expected to increase by 40%.
A simple salad will cost the Egyptian family nearly LE 50 !!
The price of 92-Octane gasoline has increased from LE 3.50 per Litre to LE 5 in another blow to the Middle class that own cars.
The price of gas cylinders has increased from LE 15 to LE 30.
A Huge number of Egyptian especially the poor working classes in the governorates will be affected with that increase.
The number of Egyptians who got access to natural gas in homes is still small compared to the Egyptians who still use the gas cylinders, especially in the countryside.
Experts say that the inflation will increase after this new wave of high prices that can reach to 35%.
In May, the inflation rate hit three-decade high with 32.9 % but it dropped in April but it fell to 30.9% in May.
This is the third major increase in the prices of fuel in Egypt since President Abdel Fattah El-Sisi became the head of state.
The first time was in July 2014 while the second was in November 2016 following the Center Bank of Egypt "CBE" to devaluate the Egyptian pound aka to float the price of Egyptian pound free.
We knew that this will be coming because the start of the new official fiscal year 2017/2018 is 1 July in Egypt.