Egyptian hopes rise on fuel price fixes

The Automatic Pricing Committee for Petroleum Products has decided to keep fuel prices in Egypt unchanged despite the rise in global oil prices, specifically the Brent crude oil per barrel between July and September 2023. This step aims to soothe the markets and prevent a surge in prices, with experts confirming that the decision helped prevent increased costs for basic goods and temporarily stabilized the market. Furthermore, the government continues to supply certain commodities at reduced prices through its outlets to improve availability and ease the burden on citizens, which contributed to the decrease in the core inflation rate to 14.1% in September 2023.

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