Egypt pledges to meet over 90% of fuel needs soon

Egypt will meet more than 90 percent of fuel needed for local consumption soon, Oil Minister Tarek el-Molla announced Thursday.

“Egypt to be self-sufficient in natural gas by 2018.” el-Molla asserted in a press conference in Cabinet’s headquarters in Cairo.

Egypt’s government announced earlier an increase in gasoline and diesel prices in the second fuel hike since a currency floatation and the latest cut in state subsidies to ease the budget deficit.

Fuel price increases had been widely expected as part of Egypt’s $12 billion International Monetary Fund loan agreement, but the hikes were bigger than anticipated by Egyptians already hit by a weaker pound currency and higher living costs.