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Arab Finance: Minister of Supply and Internal Trade Sherif Farouk confirmed that the price of subsidized bread will not be affected by the recent hike in diesel prices, remaining unchanged at EGP 0.20 per loaf, according to a statement.
During the cabinet meeting on March 10th, Farouk asserted that the government has taken a series of immediate measures to ensure market stability and the availability of essential goods, while fully preserving the subsidy system and preventing further burdens on citizens.
The ministry is coordinating with the supply directorates across the governorates to ensure the movement of goods, the availability of petroleum products, and the smooth flow of distribution.
Farouk affirmed that the state bears any additional bread production costs resulting from higher diesel prices for bakeries operated by diesel.
As a result of fuel adjustment, the state bears an increase estimated at around EGP 1.6 billion annually, equivalent to EGP 134 million monthly, he added.
A central operations room has been activated at the ministry to monitor the availability of petroleum products and track stock levels at filling stations and butane gas depots in real time, he noted.
The minister also ordered supervision entities to intensify inspections on markets, bakeries, and commodities outlets to ensure items are sold at the announced prices.
On March 10th, Prime Minister Mostafa Madbouly explained that the hikes in fuel prices are a proactive measure to ensure continuous operations of the Egyptian economy and production.
This followed the Ministry of Petroleum and Mineral Resources' recent decision to raise fuel prices by around EGP 3 per liter due to geopolitical developments in the Middle East region.
