Egypt Raises Fuel Prices

Cairo – Masaader News

Egypt announced on Thursday to raise fuel prices for the second time since the liberalization of the exchange rate, varying rates.

“We have raised fuel prices from 8 am,” Egyptian Oil Minister Tariq al-Mulla told Reuters.

Mullah added that the government raised the price of gasoline 92 octane to 5 pounds (about 0.28 dollars) per liter from 3.5 pounds, an increase of about 43%, and raised the price of 80 octane gasoline to 3.65 pounds from 2.35 pounds, up 55%.

The price of benzene  rose to LE 6.60 per liter from LE 6.25, up 5.6%.

Egypt raised the price of diesel to 3.65 pounds per liter from 2.35 pounds, up 55 percent.

The price of car gas increased by about 25% to two pounds per cubic meter from 1.60 pounds, and the price of the cylinder 100%, to 30 pounds from 15 pounds.

The Egyptian Minister of Petroleum said that the increase in fuel prices comes within the framework of strengthening the plan to rationalize subsidies “and will save the bill of energy support about 35 billion pounds in the budget 2017-2018.”

He added that the total volume of petroleum subsidies in the fiscal year 2017-2018, which starts on July 1, will reach 110 billion pounds, down from 145 billion previously targeted.

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