The Egyptian Cabinet announced the new fuel prices, with increases from 16% to 30%, Egypt Oil & Gas reports.
The new prices of fuel 95-octane fuel rose from EGP 7.75 to EGP 9 per liter, while the price of 92-octane fuel hiked by 18.5% to EGP 8 per liter instead of EGP 6.75.
The price of 80-octane jumped by 22.7% from EGP 5.5 to EGP 6.75 per liter. Meanwhile, diesel increased by 22.7% to EGP 6.75 per liter. The price of cooking gas cylinders rose by 30% to EGP 65 for domestic use and EGP 130 for commercial use.
The estimated allocations for fuel subsidies in the fiscal year (FY) 2018/19 budget plan were around EGP 89 billion, and the country had planned to allocate EGP 52.9 billion for fuel subsidies in FY 2019/20.
The new pricing officially came into effect on July 5 at 9 AM, as per the Cabinet’s statement.