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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 Tarek El Molla and prime minister Sharif Ismail revise-up subsidy spend figure assumptions for both the 2016-17 and 2017-18 budgets ( MEES, 9 June ). (CONTINUED - 324 WORDS)
DATA INSIDE THIS ARTICLE
|table||June 2017 Price Hikes For Oil Products (£E/Liter)|