Oil ministry: Egypt raises fuel prices

Egypt’s Ministry of Petroleum decided on Thursday to increase fuel prices, Reuters reported.

This is the second fuel increase since the currency was floated in November, as part of a plan to cut state subsidies to ease the budget deficit,  the news agency quoted Petroleum Minister Tarek El Molla as saying.

“We raised fuel prices as of 8:00 am Egypt time”, according to Tarek Al-Molla, Minister of Petroleum.

The price of 92-octane gasoline increased to five Egyptian pounds per litre from 3.5 pounds per litre, while  diesel and 80-octane increased to  3.65 pounds per litre from 2.35 pounds per litre.

Subsidies for petroleum products in 2017-2018 will fall to 110 billion pounds from 145 billion pounds, the minister added.

In mid-June, parliamentary sources said that the Egyptian government plans to increase Octane 92 by one pound as of early July.