Egypt to increase fuel prices

: Tuesday, April 29 - 2014 @ 00:02

Egypt’s interim government is considering when it is to increase prices of fuel and petroleum products for ordinary consumers, Ahram has reported. The price rise is an attempt to cut some EGP30bn ($4.2bn) of the state’s energy subsidy budget, which is expected to exceed EGP130bn ($18.5bn) by the end of the current fiscal year 2013/14. Former oil minister, Osama Kamal said the planned rise is the first in eight years. “The actual cost of fuel hasn’t been moved up since 2006, but in 2008 the petroleum products’ prices were raised due to the imposition of a sales tax,” Kamal said.

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Tuesday, April 29- 2014 @ 0:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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