The government’s decision to set gasoline prices was a first-class social one, according to Dr. Ahmed Ghoneim, a professor of economics at Cairo University. This decision prevented gasoline prices from rising again, which exceeded my expectations based on economic principles given the inflationary conditions the world is currently experiencing.
Additionally, the price of the dollar increased, with the decision being made, it was emphasised, in consideration of the current difficulty Egypt is facing as well as the worldwide inflation that has not been experienced globally in nearly 40 years due to the Russian-Russian war.
It is important to distinguish between short-term crises that have causes, which the Egyptian government worked to solve and take into account, and continuous and long-term crises. He continued that the fundamentals of the Egyptian economy are still strong despite the dollar crisis and the foreign criticism that we are experiencing.
He continued, “I was surprised by the state’s decision to fix the price of gasoline, fixing the price of gasoline came in contrast to my expectations based on economic foundations, and this indicates that the social dimension overcomes the economic dimension.” He said that Egypt’s reflection of the crisis is a natural matter because it imports and is essentially the sharpest reflection of the crisis on it.
He emphasised that Egypt’s economy has a diverse structure, a variety of export markets, a sizable market, and a prime strategic location, all of which combine to make Egypt one of the major players in global supply chains.
In an interview over the phone with Azza Mustafa on the “Liberation Hall” programme of the Echo of the Country, Ghoneim added that the inflation rate had reached 10%, the highest level since 1951, and that the situation in America was extremely serious. He also said that no one could dispute the fact that the wave of inflation is a global crisis.
The Minister of Petroleum and Mineral Resources, Engineer Tariq Al-Mulla, also disclosed the rationale behind setting the price of fuel, stating that there are mechanisms in place to establish the Automatic Petroleum Products Committee, for fuel prices represented in the overall price of fuel and exchange rate.
The Minister of Petroleum and Mineral Resources went on to say that the committee decided it would be better in light of the unsteady environment that the fuel prices be installed because we are currently experiencing global fluctuation and instability in fuel and drainage prices, which has an impact on the decision.
It is noteworthy that the Ministry of Petroleum today, Saturday, announced in a statement released in the last few hours that the Automatic Pricing Committee for the Petroleum Products concerned, met to review and determine the prices of selling some petroleum products on a quarterly basis at its last meeting, held after the end of last September, and studying economic conditions internationally and its impact on the oil market as a result of the effects of
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Consider the populace. Experts reveal the reasons for not increasing gasoline prices in Egypt (dawn)
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