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The price of a litre of octane petrol 92 increased to EGP 8, up from EGP 6.75. Moreover, the price of octane petrol 80 and diesel fuel both increased from EGP 5.50 to EGP 6.75.
Subsidy reform adjustment led to declining purchasing power, yet a brightening economic and employment outlook provides a better basis for acceptance of the new reforms
Inflation is forecast to reach 33% in July
We cannot continue subsidising fuel this way, says Minister of Petroleum
The cost of the petroleum product subsidies will increase to EGP 64bn in the current fiscal year (FY) of 2016/2017 in the wake of the Egyptian pound flotation and global oil price hikes, Minister of Petroleum Tarek El-Molla said. The government estimated the value of petroleum products for the current fiscal year’s budget at roughly …