Cairo Fuel Price Hike

Struggling with an ever-rising subsidies bill Egypt’s cabinet has approved 40-50% price increases for gasoline and diesel, and 100% for LPG. The price hikes are effective immediately from 29 June.

This is the second rise in fuel prices since Cairo floated its currency in November as part of a $12bn loan agreement with the IMF ( MEES, 18 November 2016 ).

The Egyptian pound has since more than halved in value compared to the dollar, from E£8=$1 pre-November to currently trade at E£18=$1.

This has seen both oil minister Tariq al-Mulla and prime minister Sharif Ismail revise-up subsidy spend figure assumptions for both the 2016-17 and 2017-18 budgets ( MEES, 9 June ). (CONTINUED - 323 WORDS)

DATA INSIDE THIS ARTICLE

table June 2017 Price Hikes For Oil Products (£E/Liter)