Egypt raises fuel prices in fifth and final hike

AFP , Ahram Online , Friday 5 Jul 2019

People jostle for a fuel dispenser nozzle as a worker fills the tank of a car at a petrol station in Cairo (File Photo: Reuters)

Egypt increased fuel prices Friday in its latest round of subsidy cuts under a reform package agreed with the International Monetary Fund, Egyptian authorities said.

Gasoline and Diesel fuel prices increased by 1.25 LE per litre. In a statement issued by the Ministry of Petroleum, the 95 octane gasoline cost hiked to LE 9 from LE 7.75 per litre. The 92 octane gasoline saw an increase from LE 6.75 per to LE 8 per litre, whereas the gasoline 80 cost increased to LE 6.75 from LE 5.5 per litre.

Diesel fuel price increased from LE 5.5 to LE 6.75 per litre, while a meter of natural gas for vehicles increased to LE 3.5 from LE 2.75.

Cooking Liquefied Petroleum Gas prices increased by 30 percent, hiking from LE 50 to LE 65 cost for the cylinder.

The latest cut in fuel subsidies is a condition of a $12-billion loan secured from the IMF in November 2016. It is the fifth and final hike in petrol prices as Egypt prepares to receive the last $2-billion tranche from the monetary body.

The Washington-based body commended Cairo in April for its "substantial progress".

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