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FinancialNews
06-07-19
30 percent hike on Egyptian fuel prices
(MENAFN) Egypt was announced to have imposed as much as 30 percent hikes on prices of fuel, pushing the price of 92 octane gasoline to hit 8 pounds per liter.
Meanwhile, this increase upped the price of 80 octane gas to stand at 6.75 pounds per liter from the previous 5.5 pounds.
This move comes as Egypt looks to stand by the terms of a USD12 billion loan along with accelerating the execution of economic reform plans.
Early Friday, citizens of Egypt started paying for fuel as per new prices.
Economic expert Fakhry al-Fiqi stated: "parts of the money will be used to improve the salaries of government employees and retired workers."
MENAFN0607201900450000ID1098728612
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