Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers


Company director hid in wardrobe after crashing her car while drunk Big brands don't mind live Periscope stumbles to reach millennials NZ banks no exception to sweeping job cuts, branch closures Paris attacks: Europe's weaponmakers set to reap US$50m windfall Commonwealth Bank to pay out A$80m in refunds to customers Hilton hotel group payment systems hit by malware Jeff Bezos' space company's New Shepard landing hailed a breakthrough Did Coke influence anti-obesity group Global Energy Balance Network? Australian dollar climbs as RBA chief Glenn Stevens cools on rate cut Hostages taken by gunmen in French town 'now safe'

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