Egypt's Minister of Supply Ali El-Mosielhy has affirmed that consumers will not bear the increased cost of food commodities due to the recent hike in fuel prices.
El-Mosielhy held a meeting on Thursday with major food producers and importers, as well as representatives of the Chamber of Commerce Union, where they agreed to bear the cost of increased food prices.
The minister said that all parties have pledged not to raise retail prices for food products, with producers, importers, wholesalers and retailers bearing the cost of the increased transportation expenses.
The Egyptian government partially cut fuel subsidies earlier this month in an effort to reduce the state budget deficit.
The latest subsidy cuts are the third time fuel subsidies have been slashed since the flotation of the Egyptian pound in November 2016.
The new fuel subsidy cuts have resulted in a 52.7 percent increase on 80 Octane gasoline, 35 percent on 92 Octane gasoline and 19 percent on 95 Octane gasoline.