Egypt’s Ministry of Petroleum decided on Thursday to increase fuel prices, Reuters reported.
This is the second fuel increase since the currency was floated in November, as part of a plan to cut state subsidies to ease the budget deficit, the news agency quoted Petroleum Minister Tarek El Molla as saying.
“We raised fuel prices as of 8:00 am Egypt time”, according to Tarek Al-Molla, Minister of Petroleum.
The price of 92-octane gasoline increased to five Egyptian pounds per litre from 3.5 pounds per litre, while diesel and 80-octane increased to 3.65 pounds per litre from 2.35 pounds per litre.
Subsidies for petroleum products in 2017-2018 will fall to 110 billion pounds from 145 billion pounds, the minister added.
In mid-June, parliamentary sources said that the Egyptian government plans to increase Octane 92 by one pound as of early July.
