Egypt scraps parliamentary election results in 19 districts over violations    Egypt's public prosecution hands over seized gold worth $34m to central bank    Finance ministry pushes trade facilitation with ACI rollout for air freight    Abdelatty stresses Egypt's commitment to peaceful conflict resolution    Deep Palestinian divide after UN Security Council backs US ceasefire plan for Gaza    Health minister warns Africa faces 'critical moment' as development aid plunges    Egypt's drug authority discusses market stability with global pharma firms    SCZONE chair launches investment promotion tour in France    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt, Germany launch government talks in berlin to boost economic ties    Egypt signs host agreement for Barcelona Convention COP24 in December    Egypt's FRA Sandbox signs 3 tech partnerships to boost cybersecurity, innovation    Gold prices fall on Tuesday    Regional diplomacy intensifies as Gaza humanitarian crisis deepens    Egypt's childhood council discusses national nursery survey results    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Government raises fuel prices, gasoline 92 surges to EGP 5
Measure comes within the economic reform programme to rationalise spending and finance social protection of low income citizens
Mohamed Ayyad Published in Daily News Egypt on 29 - 06 - 2017

The government decided to increase the price of fuel, starting at 8am on Thursday, where the price of a litre of gasoline 92 rose to EGP 5, up from EGP 3.5. The price of gasoline 80 and diesel fuel both increased from EGP 2.35 to EGP 3.65. The price of the cubic metre of gas for cars was lifted from EGP 1.6 to EGP 2, according to Minister of Petroleum Tarek El Molla. Moreover, the price of gasoline 95 increased from EGP 6.25 to EGP 6.6, while the liquefied natural gas (LNG) cylinders increased to EGP 30, up from EGP 15.
The measures are part of the government's economic reform programme, which includes devaluation of the currency, subsidy cuts, and implementation of the value-added tax to correct the economic path, in parallel with the implementation of social protection measures to protect the lower income groups from the repercussions of the reforms.
The Egyptian General Petroleum Corporation (EGPC) has estimated the fuel subsidies in the coming fiscal year would cost EGP 145bn without rationalisation, but the Ministry of Finance listed the bill for the same item in the 2017/2018 budget at EGP 110.148bn.
This is the second increase in fuel prices in less than a year, where the government raised fuel prices in November. The price of gasoline 80 had been increased by 45%, from EGP 1.6 to EGP 2.35; while the price of gasoline 92 had been increased 35%, from EGP 2.6 to EGP 3.5. The price of diesel fuel had also been lifted from EGP 1.8 to EGP 2.35, marking an increase of 30%. The price of the cubic metre of gas for cars had been increased from EGP 1.1 to EGP 1.6. The price of gasoline 95 had been left unchanged at EGP 6.25.
On 3 November 2016, the Central Bank of Egypt (CBE) decided to liberalise the exchange rate of the pound, leaving its price to be determined according to the supply and demand of the banks. The exchange rate of the pound against the dollar in the official market hiked from EGP 8.88 per dollar to EGP 18.

Clic here to read the story from its source.