Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

World

Google CEO Sundar Pichai sees the end of computers as physical devices Box of 'original' flavoured Arnott's Shapes selling on eBay for $60 Carl Icahn warns 'day of reckoning' approaches, sells entire Apple stake Venezuela declares 2-day workweek due to severe electricity shortages Drug-maker hands out world's highest chief executive pay package Australia's human guinea pigs in demand from Asia for clinical trials Hanes makes play for Australia's Pacific Brands SpaceX says it will fly a spacecraft to Mars as soon as 2018 Gorman under fire over Instagram post featuring Chinese factory workers Brexit vote nerves turn overseas investors off UK commercial property - RICS

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