Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

News

Ingenious but illegal - US man caught using black shield to hide licence plate Angry customer rams SUV into store The honest bumper sticker tickling tailgaters Electric Lexus LS accidentally confirmed Airbus set to reveal flying car prototype German automakers push back Donald Trump's warning over Mexican plants Donald Trump threatens BMW with border tax on cars built in Mexico Competition heats up in race for electric vehicle Italy rejects Germany's request on Fiat cars in months-long feud We take a cruise in Holden's Astra sedan

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