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Egypt Announces An Increment In The Public Bus Fares
Public Transportation Prices
Egypt recently announced an increase in diesel prices and bus transportation fares, sparking mixed reactions from the public.
Fare Increase Reason
The decision was made by the government in consequence of the increase in oil prices and its products, as well as the exchange rate of the Egyptian pound against the US dollar.
New Diesel Cost
The diesel prices increased by almost 14%, costing 8.25 Egyptian pounds per litre. While the public bus fares will be increased by 10%.
Unexpectedly though, petrol prices will remain unchanged after their last raise back in March earlier this year.
Price Raise Effects
The increase in diesel prices will affect various industries other than transportation, like agriculture, and manufacturing. As it is widely used in Egypt as fuel for cars, trucks, and buses, as well as for generators and irrigation pumps in rural areas.
The Government’s Justification
The government explained that the increase in diesel prices is necessary to reduce the budget deficit and address the country’s mounting debt.
Egypt has been implementing a series of economic reforms, including reducing subsidies, to stabilize the economy and maintain the funding given from the International Monetary Fund.
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