This is the third price hike since 2016. And not the last.
As of Saturday morning—at the dawn of Eid Al-Fitr Holidays—Egypt's Oil Ministry stated that gasoline prices will be facing a sharp increase. In fact, the gas price changes are already in effect with a 50 percent increase. This price hike is a part of the economic reform plan that was set in motion from late 2015.
The ministry further explained the price changes in detail; 95 octanes of gasoline jumped up from EGP 5/liter to EGP 6.75/liter and 80 octanes from EGP 3.65/liter to EGP 5.50/liter.
This increase in prices will not only have an impact on transportation, but pretty much in every Egyptian’s everyday life expenses. A canister of gas in a household went from EGP 30 to EGP 50, while for businesses, a bottle of gas went from EGP 60 to EGP 100.
"Moving fuel prices will help reduce petroleum product consumption by about 5 percent," Oil Minister Tarek El Molla said in a statement.
While this increase sounds like morbid news to most of us—especially since it’s the third price hike since the Egyptian Pound was floated in November 2016— El Molla promises that the increase in gas prices will later make it rain.
Economists and business leaders praise these austerity measures as part of Egypt’s plan to eventually boost the economy by making the country an attractive hub for foreign investors. On the other hand, millions of Egyptians will have to suffer with these ongoing price changes, until the bump is over.