Minister of petroleum reveals petrol prices in 2018

Cairo – 03 November 2017: Tarek El Molla, Minister of Petroleum and Mineral Resources, said there is no intention to increase the petrol prices in the fiscal year 2017/2018.

He added that the government started rationalizing fuel subsidies from 2014, and the new plan was submitted by Parliament, in order to redirect these subsidies to those who need it into programs in different sectors of health, education and transportation. Molla said during an interview on CBC Extra on Thursday.

The second phase of raising fuel prices was last November. The third phase was in June, which ran in tandem with the decision to float the Egyptian pound. Rising fuel prices and the currency devaluation has led to the sense that fuel price hikes were large, Mola said.