Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

News

Significant delays for commuters out of the capital 79-year-old man hit and killed by car in Tawa, northern Wellington Marlborough Sounds resident fears another fatal accident on Kenepuru Rd A pedestrian is hit by a car outside Wairarapa Hospital in Masterton Crash that closed one northbound lane of State Highway 1 near Johnsonville off ramp has been cleared Hamilton's traffic 'choke points' need urgent attention: councillor Engineer reunited with one of Manawatu's fastest home-built racing cars Lamborghini Centenario shines at premiere of Transformers: The Last Knight Mike Yardley: Government has a Nervous Nigel approach to dealing with drug-driving Repair work on Kapiti expressway surface, just three months after its opening

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