Recent reforms to push building materials prices 10%: FEI

CAIRO – 6 July 2017: The prices of building materials will rise from five to 10 percent as a result of the recent economic reforms, vice chairman of the building materials chamber at the Federation of Egyptian Industries Kamal Al Dosouki said Wednesday.

Al Dosouki added that the price of steel is unlikely to increase, as steel factories do not depend on diesel oil.

Moreover, the vice chairman said it is unlikely that building material prices will affect the prices of the housing units.

Al Dosouki expected a significant improvement in the exchange rate and a rise in the Egyptian pound against the U.S dollar. The dollar would reach LE 16 soon, compared to an average of LE 18 over the past three months.

Earlier Thursday, the cabinet introduced new increases to fuel prices, raising 80-octane gasoline by LE 1.60 ($0.08) to LE 3.65 per liter, while the 92-octane rose from LE 3.50 to LE 5.00 per liter.