Consumers purchase fuel at a petrol station as a passenger plane makes its final landing approach to Cairo Airport in Egypt, February 19, 2018. REUTERS/Amr Abdallah Dalsh
June 16, 2018
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.
(Reporting by Ali Abdelaty and Ehab Farouk, writing by Sami Aboudi, editing by Larry King)
