Egypt increases fuel price to tackle economic crisis

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epa06812260 Cars queue at a gas station to refuel in Cairo, Egypt, 16 June 2018. The Egyptian government had increased the prices for fuel to ease its budget deficit to 8.4 percent of the GDP as part of an economic reform program. Egypt had previously increased fuel prices by 50 percent in July 2017. EPA-EFE/MOHAMED HOSSAM

 

Egypt has increased fuel prices by up to 30% – the fifth price hike since introducing a tranche of tough economic reforms in 2014.

The most commonly used fuels – diesel and 80-Octane – rose from 5.50 Egyptian pounds ($0.33; £0.26) to 6.75 pounds ($0.41) per litre, according to the the privately-owned Shorouk website.

The price of cooking gas, used mostly by poorer Egyptians, was also increased from 50 to 65 pounds ($3 to $3.90) per cylinder, while the price of a commercial cylinder has risen from 100 to 130 pounds ($6 to $7.80).

Titi