Egypt raises prices of butane gas cylinders by 33-50%
Moreover, the price of a ton of mazut supplied to power plants has increased by 160 percent to EGP 6,500 from EGP 2,500.
According to media reports on Wednesday, Egypt imported fuel shipments worth around $9.3 billion during the first eight months of 2024, compared to $8.3 billion in the same months of 2023, with a 12 percent growth rate.
In addition, the Egyptian General Petroleum Corporation (EGPC) announced that it contracted to import shipments of petroleum materials worth $1.35 billion last August, compared to $945 million for the same month in 2023.
In July, the ministry also increased fuel prices for the second time in 2024, with a 10-15 percent rise.
Furthermore, Prime Minister Mostafa Madbouly announced that the price of petroleum products will increase gradually till December 2025.
In June, Madbouly also said that Egypt had contracted for mazut and natural gas shipments worth $1.18 billion to stop the load-shedding programme implemented in July 2023 to combat the gas shortage crisis.
Egypt’s oil production significantly declined from its highest point of 6,133 million m3 in March 2021 to 4,288 million m3 in May 2024, a 30 percent decrease.
In 2023, the country has provided 14.2 million housing units with natural gas nationwide.