Cairo – Mubasher: The economic analyst Noman Khalid forecasted fuel prices to rise gradually between 50% and 80% until the end of the next fiscal year.
Egypt subsidises most of the fuel prices by 40%, Khalid said in a call broadcast on CBC channel late Wednesday.
The Egyptian minister of finance Amr El-Garhy denied any changes in petroleum products’ prices during the current fiscal year 2017/2018.
Noman called for negotiations with the International Monetary Fund (IMF) to gradually reduce fuel subsidy in two or three stages.
The analyst noted that the next rise in fuel prices will not lead to the same increase in the prices of commodities that Egypt witnessed over the past period.
The Egyptian government had carried out a wave of cutting fuel subsidy in November 2016, in line with the liberalisation of the exchange rate.
On 29 June 2017, Egypt’s Cabinet raised the prices of petroleum materials and reduced its subsidies.
