The Price of Gas Is Up!

We pulled into a gas station last week and noticed that the price for 92 octane fuel had increased by 1 EGP from 9.25 to 10.25 per liter.

The price change became effective at 2 a.m. on March 2nd, according to ahramonline. 

While that is over a ten percent increase in nominal terms, one needs to also look at the continuing slide in the value of the Egyptian Pound.

Yahoo Finance shows us the trend in the past two and a half months:

  

Since the start of the year, the EGP has fallen by almost 20 percent from 24.75 for a dollar to 30.85

Net result?  Gasoline is currently selling for the equivalent of $1.26 per gallon.  That oil under the Western Desert near Siwa is an abundant gift to the Egyptian who can afford a vehicle, even though they don't appreciate it, only tracking and grousing about the increase.

But, what can an Egyptian with some capital do to preserve it?  Holding the  Egyptian Pound continues to be a losing proposition.  They certainly don't dare take it to California and place it in a silicon valley bank!  I suppose they should just call the number of that Uber driver who deals in North Coast real estate and buy an apartment in New Alamein.  (I still have his card.)

 

 

 

Sin