Cairo - Mubasher: The Egyptian Ministry of Supply and Internal Trading agreed with the Federation of Egyptian Chambers of Commerce (FEDCOC) that the rise in goods transportation costs will bet at around 10% after the recent hike in fuel prices.
Food Industries Holding Company will bear the increase in the transportation cost of subsidized goods, the ministry said in a statement on Monday.
The supply minister, Aly El Moselhy, said that studies estimate the rise in transportation cost between 8.2% and 10%.
On Thursday, the Egyptian cabined approved a decision to increase fuel prices, as part of a plan to cut state subsidies to ease the budget deficit.
The price of 92-octane gasoline went up to EGP 5 Egyptian per litre from EGP 3.5 per litre, while diesel and 80-octane increased to EGP 3.65 per litre from EGP 2.35 per litre.
Subsidies for petroleum products in 2017-2018 will fall to EGP 110 billion from EGP 145 billion, the mnister of petroleum and mineral resources indicated.
