Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

World

Apologetic thief leaves note to cafe owner Britain's The Independent newspaper to cease print editions Love and loss - romance scam victim fleeced of over $260,000 What's behind the global stock market selloff? Pukeko Pictures Thunderbirds Are Go! TV series to launch in US with Amazon Dick Smith Australia bleeds over $3 million a week as deal looms FMA in Court of Appeal with financial services company headed by Luigi Wewege US chain Red Lobster enjoys sales surge after mention in Beyonce song Walt Disney posts record quarterly profit on success of Star Wars Banks eye more cost cuts amid global growth concerns

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