Egypt has reviewed plans to deal with the economic impacts of the Russia-Ukraine crisis that the country will possibly face,including on petroleum prices.In recent years,Egypt has raised gasoline prices several times,the last of which was by 25 piastres earlier this month,as per recommendations of Egypt’s Fuel Automatic Pricing Committee held every three months.This comes while the government presses ahead with plans to convert petrol-powered vehicles to run on natural gas,a step that should contribute to reducing the cost of subsidized petroleum products in the state budget.Egypt,which has achieved self-sufficiency in natural gas in 2018,is planning to use its position on Europe’s doorstep to become a major supplier of liquified natural gas(LNG)to the continent,which is transitioning away from other fossil fuels.
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