Suez Canal Toll Rise Takes Effect

The Suez Canal Authority (SCA) raises toll fees by 5% for oil tankers & petrochemical products, 2% for container ships & car carriers effective 1, May 2013.

News of the latest rise in tolls follows last year's SCA increase of a 3% rise for all ships passing through the canal. Suez Canal revenues have become more important because the country’s foreign currency reserves have shrunk from $36bn since the eve of the 25 January Revolution to $13.5bn, reports the 'Daily News, Egypt'.

Egypt received $398.5m in revenues from the Suez Canal in March 2013, according to a recent statement made by the SCA.

Source: Daily News, Egypt