Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

World

Five missed chances to foil the Manchester bomber Economic agency wants to keep LookSee Wellington 'hot prospects alive' Ardent Leisure considers developing part of Dreamworld precinct China's Huawei enters PC market to take on Lenovo, HP, Dell Dating site Ashley Madison is 'back' and claiming big numbers of new users The emojis that cost over $3000 Marijuana delivered to your door in the US, just like pizza. But is it legal? North Korea's Unit 180, the cyber warfare cell that worries the West Jessica Irvine: You don't have to be a communist to admit capitalism is in crisis Thanks to US President Donald Trump, Washington's portaloo industry is flush

Egypt will raise fuel prices in ranges that reach up to a 78 per cent hike starting at 10am, NZT, an Oil Ministry source says, as the country tries to cut energy subsidies to ease the burden on its swelling budget deficit.

"The increase will start being implemented by midnight," the source said.

Food and energy subsidies traditionally eat up a quarter of state spending and the government is taking steps to reform its subsidy programme and revive an economy that has been battered by more than three years of political turmoil.

Ad Feedback

- Reuters

Special offers

Featured Promotions

Sponsored Content