The media department of the Egyptian cabinet has rejected rumors about a new fuel price increase in 2018 to decrease the budget deficit, Al Ahram reported.

The Ministry of Petroleum also denounced the rumors as false news.

Fuel prices increased on June 16, the third time prices had risen since the country floated the Egyptian pound in November 2016, Egypt Oil & Gas previously reported.

The price hike in June raised the price of 95-octane benzene EGP 7.75 per liter, and 92-octane benzene price to EGP 6.75 per liter.