Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

News

Patience a virtue on roads at Easter Council cans Matamata's median strip trial Honda unveils new sports car Mahindra to be next big thing in NZ motoring Deadly danger on Hobbit highway Kapiti Expressway given seal of approval Death threat against BBC boss over Clarkson sacking Screening urged for foreign drivers Hello pork pies: Mini drivers head south Fast-response tow trucks to keep Wellington traffic flowing

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