The General Authority for Supply Commodities (GASC) will continue to bear the difference between the actual cost of production and the price to consumers of subsidised bread in diesel-fuelled bakeries, Minister of Supply Ali Moselhi has said.
The supply minister said that GASC will pay the net cost of producing subsidised bread to the diesel-fuelled bakeries after the latest fuel prices hikes by the government.
The price of subsidised loaves of bread will be kept unchanged at five piasters each, as the government will bear the difference between the cost and price, the minister added in press statements yesterday.
The Egyptian government has allocated LE90 billion in the budget for FY2022/23 to cover food subsidies including bread subsidies for 71 million citizens holding ration cards.
Egypt’s Fuel Automatic Pricing Committee (FAPC) raised on Wednesday fuel prices for various octanes, including diesel fuel by 50 piasters to LE1 per litre for the third quarter of the year due to the global rise in oil prices.
The price of diesel and kerosine rose from LE6.75 to LE7.25 per litre.
