Household appliance prices to hike 7% in upcoming period

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Sun, 15 Jul 2018 - 04:10 GMT

BY

Sun, 15 Jul 2018 - 04:10 GMT

 Economy Index - Pixabay

Economy Index - Pixabay

CAIRO – 15 July 2018: The Chamber of Engineering Industries decided to raise the prices of household appliances in the upcoming period by 7 - 8 percent following the hike in fuel prices, according to Head of the Chamber Mohamed el-Mohandes.

Mohandes told a local newspaper that the increase in the prices will be applied during the upcoming period according to each factory based on the increase in the prices of raw materials.

He denounced the traders’ action of raising prices by 15 percent despite knowing that the increase did not exceed 8 percent.

The head of the chamber said that the volume of fuel used in producing the household appliances record around 7 percent, in addition to the cost of transport that has risen with the increase in gasoline and diesel prices, affirming that the chamber is not responsible for excessive increase in prices.

On June 16, the Cabinet released the new prices of fuel to lower the fuel subsidy to 25 percent.

The new prices are Gasoline 95 prices went up from LE 6.6 ($ 0.37) per liter to LE 7.7, while 92 octane gasoline prices amounted to LE 6.75 instead of LE 5 per liter. Prices of gasoline 80's liter increased to LE 5.5 instead of LE 3.65, the newly-appointed government said in its first move since taking oath.

The price of diesel will be LE 5.5 a liter instead of LE 3.65, while the price of natural gas used for vehicles rose to LE 2.75 per cubic meter instead of LE 2.

The government also announced raising the price of the cooking gas cylinder to LE 50 instead of LE 30 and the commercial gas cylinder's prices surged to LE 100 instead of LE 60.

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