The purchasing minister said gasc will pay the net fee of generating subsidized bread to diesel-powered bakeries after the government’s latest fuel price increases.
The value of the subsidized loaves will remain unchanged at five piastres each, as the government will assume the difference between the position and the value, the minister added.
The Egyptian government allocated EGP 90 billion in the budget of the fiscal year 2022/23 to cover food subsidies, bread subsidies for 71 million citizens with ration cards.
Egypt’s Committee on Automatic Fuel Prices (FAPC) on Wednesday raised fuel costs per octane, adding diesel fuel, from EGP 0. 5 to EGP 1 consistent with liter for the third quarter of the year due to the global increase in oil costs.
The price of diesel and kerosene increased from EGP 6. 75 to EGP 7. 25 per litre.