Egypt’s Suez Canal hikes transit fees for oil tankers to 15%

CAIRO: Egypt’s Suez Canal Authority has temporarily raised a surcharge levied on tankers carrying crude oil and petroleum derivatives transiting the canal in both directions to 15 percent, up from 5 percent. 

The new charges will take effect on May 1, the authority said in a statement. It, however, clarified that the increase can be amended or canceled as per the market conditions.

The decision comes following the Egyptian central bank’s decision to raise interest rates by 100 basis points.

In late February, the Suez Canal approved an additional fee on different types of ships passing the canal. The hike ranges between 5 and 10 percent.