Cairo – Mubasher: It is expected that car prices will increase in the coming period after the government raised fuel and power prices, according to Hassan Solaiman, chairman of the Egyptian Automobile Manufacturers Association (EAMA).
Prices of assembled cars are forecast to rise between 10% and 15%, Almal newspaper reported, citing Solaiman as saying.
Imported car prices will grow between EGP 2,000 and 3,000, the chairman added.
On Saturday, Egypt's Ministry of Petroleum and Mineral Resources raised fuel prices, with Octane 95 rising to EGP 7.75 per litre from EGP 6.75, while Octane 92 grew to EGP 6.75 per litre from EGP 5, and Octane 80 will increased to EGP 5.50 per litre.
Prices of home gas cylinders increased to EGP 50, whereas the price for those for commercial use grew to EGP 100 per cylinder.
During the previous period, Egypt’s government reduced subsidies on oil products in the coming fiscal year to EGP 89 billion, against EGP 110 billion subsidies for the current fiscal year.
