Egypt's Suez Canal Authority said it will raise the toll for oil tankers and other large vessels passing through the waterway by 15% effective Jan. 15.

The increased toll applies to tankers carrying petroleum products, liquefied petroleum, liquefied gas or chemicals as well as cargo container ships, car ferries and passenger ships, the authority said in a circular posted on its website.

The toll for dry bulk cargo, general cargo and roll-on-roll-off vessels will rise by only 5%, it added.

The Suez Canal, one of the world's busiest waterways and the shortest shipping route between Europe and Asia, is one of Egypt's main sources of foreign currency, earning it $2.54 billion in the second quarter of 2023 alone.

(Writing by Patrick Werr, Editing by Louise Heavens)