CAF President Ahmad sacks deputy as purge continues    Algerian team came to Cairo to win AFCON title: Djamel Belmadi    Egypt, Uzbekistan study establishing pharmaceutical plant    Maintaining or starting exercise in middle age means longer life    Sturridge banned and fined for breaching betting rules    Iran's guards say it seized a foreign oil tanker in the Gulf : TV    UK may be entering full-blown recession    UK lawmakers to vote on latest bid to try to prevent a no-deal Brexit    Guardiola hails Sane but wants only 'happy players' at Man City    U.S. President Trump slammed for tweet about hunting down Mumbai attack mastermind    Oil prices slightly regain ground, Brent reaches $64.93 per barrel    Belgium's Port of Antwerp to develop bunkering activity in Egypt    Egyptians Brace for Rising Prices Due to Subsidy Cuts    Sudan's military, opposition sign 1st part of power-sharing deal    Houthis strike Saudi's Jizan airport with drone    US House condemns Trump's "racist tweet" against four congresswomen    King Tut's golden coffin undergoes first restoration since 1922 discovery    Changing dominant narrative of women on stage    Mainland Chinese markets fall amid renewed threat to trade    Egypt, Algeria in talks over energy cooperation – ambassador    IMF to hand Egypt's final tranche of $12bn July 24 – PM    Explorations of music, sound, architecture of Islamic Cairo and everyday life    Farewell to Italy's best-loved writer Andrea Camilleri    Parliament Speaker announces end of fourth legislative term    Total of 59,455 expats in Egypt have undergone virus C screening    Renovation of Egyptian Museum to include installing new lighting, display systems    Egypt, Algeria discuss energy cooperation    Kenya eyes partnership with Egypt's energy sector: Minister    House condemns President Trump over racist comments tweeted at congresswomen    Parliament approves new NGOs draft law amid members' rejections    Egypt prosecution releases transgender woman detained on terrorism related charges    Ministers, ambassadors and artists attend Bastille Day celebration in Giza    Egypt's parliament starts new NGO law discussion    4th convocation of parliament concluded    Cairo hosts 6th meeting of Egyptian-Sudanese military committee    Egypt's parliament Oks new NGO law    Egypt's parliament's 5th convocation sessions to be aired live: Parliament speaker    Egypt's parliament approves new NGO law    Egypt inaugurates museum to honor late novelist Naguib Mahfouz    Egypt to sue following sale of $5.97mn Pharaoh Tutankhamun statue    Cervantes Institute celebrates summer cinema in Cairo    Bookmakers expects Egypt's Mo Salah might miss the year's Ballon D'or award    Fired MP detained pending investigations over corruption charges    Egypt arrests founder of pro-Mubarak Facebook page – source    Egypt sees national population growth rate to halve before 2052    AFCON quarter-finals: Desert Warriors face Ivorian Elephants in early final    Orange Egypt removes Warda from ad campaign after harassment case    Hassan Shehata slams Egyptian team, EFA following AFCON exit    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Fuel subsidies reduced
Published in Al-Ahram Weekly on 04 - 11 - 2016

Starting Thursday midnight, Egyptians will pay more money at the gas pump. The government decided to raise prices of subsidised fuel just hours after the Central Bank floated the pound.
The two steps are the last of a set of austerity measures the government is adopting to get a three-year $12 billion loan from the IMF.
The price of 92 octane gasoline rose from LE2.6 to LE3.5 per litre while Octane 80 gasoline witnessed a 46.8 per cent increase to LE2.35 per litre. The price of 95 octane gasoline stayed unchanged at LE6.50 per litre. The price will be left to market forces to determine.
As for diesel, which alone eats up 50 per cent of fuel subsidies, the price increased by 30.5 per cent to LE2.35. With subsidised diesel mostly used by the goods and service sectors as fuel for agricultural tractors in villages and minibuses, its price increase will no doubt impact the prices of many goods and services.
The price of subsidised butane cylinders used in households for cooking was also raised from LE8 to LE15.
The last time Egypt raised the price of fuel was in 2014 when it revealed a plan to phase out energy subsidies over five years.
In a press conference on Friday, Oil Minister Tarek Al-Molla said that the move would save the government LE22 billion.
Energy subsidies are a heavy burden on the budget, consuming 20 per cent of Egyptian state spending, and does not always target those who need it.
Subsidising oil has always been a way to encourage unrationed consumption of energy.


Clic here to read the story from its source.