Egypt increases fuel prices in its final hike

Egypt increased fuel prices Friday in its latest round of subsidy cuts under a reform package agreed with the International Monetary Fund, Egyptian authorities said.

Gasoline and Diesel fuel prices increased by 1.25 pounds per litre. In a statement issued by the Ministry of Petroleum, the 95 octane gasoline cost hiked to 9 pounds from 7.75 pounds per litre.

The 92 octane gasoline saw an increase from 6.75 pounds per to 8 pounds per litre, whereas the gasoline 80 cost increased to 6.75 pounds from 5.5 pounds per litre.

Diesel fuel price increased from 5.5 pounds to 6.75 pounds per litre, while a meter of natural gas for vehicles increased to 3.5 pounds from 2.75 pounds.

Cooking Liquefied Petroleum Gas prices increased by 30 percent, hiking from 50 pounds to 65 pounds cost for the cylinder.

The latest cut in fuel subsidies is a condition of a $12-billion loan secured from the IMF in November 2016. It is the fifth and final hike in petrol prices as Egypt prepares to receive the last $2-billion tranche from the monetary body.

The Washington-based body commended Cairo in April for its “substantial progress”.

Source: Ahram Online