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Egypt raises fuel prices by up to 78%

: Sunday, July 06 - 2014 @ 03:25

The Egyptian government has raised the prices of fuel by up to 78% starting Saturday, following on a promise to cut subsidies that eat up nearly a quarter of the state budget, the Associated Press has reported. The price hikes follow an increase in electricity prices that were put in effect at the start of July. The fuel price rise was highest for 80 Octane gasoline, used mostly by old vehicles that still fill Egyptian streets, with the price jumping 78% to 22 cents per litre. Diesel fuel, used by most of Egypt’s public transport and trucks, increased 64% to 25 cents a litre. The 92 Octane increased by 40% to 37 cents a litre. The country’s amended budget featured a $6bn reduction in the energy subsidy bill.

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Sunday, July 6- 2014 @ 3:25 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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