As Egypt devalued its currency with the current exchange rate standing at EGP10.20 for $1, the price of fuel imports will increase by at least 5% per month, petroleum expert, Aziz Effat, told Egypt Oil&Gas. This will have an impact on the value of energy subsidies as the current fiscal year comes to an end.

Effat also explained that purchasing petroleum products from foreign partners has rescued Egypt from fuel crises in the local market, especially that Egypt gets the shares of foreign partners for prices that are less than global rates.

The expert pointed out that the fuel market is 100% stable during the current period because last year officials have stored fuel that would be enough for 15 days in case a crisis occurs.