No increase in fuel prices before current FY: Petroleum Min.

CAIRO - 11 November 2017: Petroleum Minister Tarek el-Molla said on Saturday there will be no increase in fuel prices before the end of the current fiscal year 2017/2018.

In a statement, Molla stressed that increasing prices is not an objective in itself but it rather aims to help in rationalizing consumption, which resulted in saving about LE 4 billion during the current year.

The procedure is meant also to ensure that governmental subsidies are delivered only for people who are eligible for it.

Fuel subsidies are set to be reduced gradually to be totally removed within five or ten years, Molla pointed out.

Meanwhile, he noted that efforts are underway to finish the mega project of Zohr gas field in the Mediterranean sea, adding that the field is expected to be in service before the end of the current year.

Egypt seeks to stop importing natural gas before the end of 2018, Molla added.