Egyptian fuel prices could increase by up to 45% during Q1 2018/19, according to a recent report by Beltone Financial Holding, Amwal Al Ghad reported.

The company predicted in the report that the upcoming cuts to fuel subsidies could see the price of fuel rise by between 35% and 45% during the first three months of the next financial year.

Beltone’s report showed that the price increases could raise the country’s inflation rate by between 3% and 5%.

The government is planning to reduce subsidies from EGP 120.9 billion to EGP 89 billion in the 2018/19 fiscal year, Amwal Al Ghad previously reported. Draft budget plans would see subsidies of petroleum products cut by 26% while electricity subsidies would be reduced by 47%.

The government submitted the 2018/19 draft budget to the House of Representatives in March 2018 and will be approved before the end of June.