Egypt fuel prices to jump 78pc

Last updated 09:59 05/07/2014

Relevant offers

News

McLaren plots model expansion McLaren P1 replacement to go electric HSV reveals V8 send-off plans Woman driver knocks over her mum to flee police in traffic stop Google idea would leave pedestrians glued to cars after crashes Renault reveals F1-inspired Clio RS Family angry over video of woman driving while having a medical event Top Gear roars back with Matt LeBlanc, high expectations British truckie jailed after horror highway crash Kiwis steering clear of new technology for their mobility - survey

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