Egypt’s Oil Minister says no plans to increase fuel prices in FY2017/18

Egypt’s Petroleum Minister Tarek al-Molla reiterated on Thursday that the Cabinet does not plan to raise the prices of petroleum products during the current financial year 2017/2018.

Molla added in an interview broadcast on the privately-owned Extra News satellite channel, on Thursday evening, that the government since 2014 has aimed at rationalizing fuel subsidies.

In July 2014, the prices of gasoline and diesel were increased relatively. After that the Cabinet submitted its plan to the parliament to rationalize subsidies, said the minister.

The Cabinet’s plan aimed to redirect subsides, so that poorer people could benefit from it, to other crucial fields especially the health, education, public transport and other fields, according to Molla.

The second hike in fuel prices was in November 2016 in conjunction with the flotation of the Egyptian pound, and the third was on June 29.

The harshest hike felt by citizens was in November due to the flotation of the pound, said Molla.

Source: Al-Masry Al-Youm