*Egypt hiked road fuel prices for the first time in six months on 11 April, raising all three grades of gasoline by an average of 13% while the price of diesel was increased 15%. With Brent crude prices falling from an average of $85/B for 2Q 2024 to average $74.5/ between October last year and Q1 this year and continuing on a downward trend to trade at below $70/B in recent weeks, this should help the country reduce its subsidy bill.
*“Although Brent crude oil and international prices have declined recently, this has only slightly reduced the cost of one liter of diesel by about 40 piasters [just under one US cent]. Thus, the gap between cost and selling price remains,” the ministry says. (CONTINUED - 663 WORDS)
