Egypt approves new fuel hikes



Thu, 29 Jun 2017 - 07:26 GMT


Thu, 29 Jun 2017 - 07:26 GMT

Prime Minister Sherif Ismail - File Photo

Prime Minister Sherif Ismail - File Photo

CAIRO – 28 June 2017: The Cabinet imposed Thursday new increases to fuel price, according to a statement from the Cabinet.

The price of 80-octane gasoline soared from LE 1.60 ($0.08) to LE 3.65 per liter, while the 92-octane increased from LE 3.50 to LE 5.00 per liter.

Prime Minister Sherif Ismail will hold a pres conference in few minutes to talk about the new increase.

The move comes in line with Egypt’s economic reform program, launched in July 2014, to slash spending on fuel and electricity subsidies in an attempt to curb an increasing budget deficit. The application comes gradually as the government announces new prices each fiscal year.

Infographic on the new prices of fuel

The decision was part of the program approved by the International Monetary Fund (IMF), upon which the international funder endorsed a $12 billion loan to Egypt in August 2016.

Another hike of electricity tariff by 30 to 40 percent is also anticipated within the coming few hours.

Further details to follow



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