Egypt raising fuel prices by up to 50 percent, energy ministry says
Reuters
Published Jun 16, 2018 03:47AM ET
Egypt raising fuel prices by up to 50 percent, energy ministry says
CAIRO (Reuters) - Egypt announced on Saturday it was raising fuel prices by as much as 50 percent, under a reform plan backed by the International Monetary Fund that provides for cutting state subsidies on some consumer products.
The energy ministry said that 95 octane was increased to 7.75 Egyptian pounds ($0.4354) a liter from 6.6 pounds; 92 octane was increased to 6.75 pounds a liter from five pounds and 80 octane was raised to 5.5 pounds a liter from 3.65 pounds.
The price increases will save the country's 2018-2019 budget 50 billion pounds, Oil Minister Tarek El Molla said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.