Last Update 14:29
Thursday, 22 February 2018

Egypt's cabinet dismisses 'rumours' of new fuel-price hikes

Ahram Online , Monday 5 Feb 2018
Cairo petrol station
File Photo: A worker pumps fuel at a petrol station in Cairo January 16, 2011. (Photo: Reuters)
Share/Bookmark
Views: 2647
Share/Bookmark
Views: 2647

The Egyptian cabinet has dismissed "rumours" of new price hikes for fuel and petroleum products.

The cabinet's Information and Decision Support Center (IDSC) said on Sunday that it had communicated with officials in the petroleum ministry who described reports of fuel prices increase as "rumours".

Over the past weeks, several local media outlets have reported a likely spike in fuel prices.

In 2014, the government embarked on an economic reform programme to phase out energy subsidies in an attempt to curb the growing state budget deficit.

On 3 November 2016, prices rose between 35 and 50 percent for all sorts of fuel, after the central bank's decision to float the Egyptian pound.

At end June 2017, Egypt’s cabinet approved another cut in energy subsidies, resulting in an increase in fuel prices.

The price of 80-octane gasoline increased from EGP 2.35 per litre to EGP 3.65, following the June 2017 decision, with the price of 92-octane gasoline rising from EGP 3.50 to EGP 5, and the price of gas cylinders doubling from EGP 15 to EGP 30.

The government said in November 2017 that it was not considering an increase in fuel prices before 30 June 2018, the end of the current fiscal year, and is planning to stop importing gas before the end of next year.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.