Egypt raises fuel prices by up to 78 percent from midnight -oil ministry source

Source: Reuters - Fri, 4 Jul 2014 20:24 GMT
Author: Reuters
Tweet Recommend Google + LinkedIn Email Print
Leave us a comment

CAIRO, July 4 (Reuters) - Egypt will raise fuel prices in ranges that reach up to a 78 percent hike starting midnight, an Oil Ministry source told Reuters on Friday, as the country tries to cut energy subsidies to ease the burden on its swelling budget deficit.

"The increase will start being implemented by midnight," the source said.

Food and energy subsidies traditionally eat up a quarter of state spending and the government is taking steps to reform its subsidy programme and revive an economy that has been battered by more than three years of political turmoil. (Reporting by Abdulrahman Adel, writing by Asma Alsharif; Editing by Kevin Liffey)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.

comments powered by Disqus