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Egypt rises 50 percent on gasoline price, doubles gas price

Egypt's Council of Ministers today approved a sharp rise in fuel prices, ranging from 40 to 50 percent for gasoline and 100 percent for natural gas, to an extent To reduce the public deficit.

Cairo, June 29 (EFE) .- Egypt's Council of Ministers today approved a sharp rise in fuel prices, ranging from 40 to 50 percent for gasoline and 100 percent for gas Natural, in a measure to reduce the public deficit.

The state news agency MENA reported that the price of the gas cylinder went from 15 pounds (about $ 0.8) to 30 pounds (1.66 dollars), while the cheapest and most consumed gasoline, 80 octane, rose 50% and 92 octane, 40%.

Prime Minister Sherif Ismail The impact of this measure on inflation, which is at a maximum level in three decades, will be around 4% to 5%.

Last month, the price hike was 30.57% According to the most recent official figures.

Egyptian oil minister Tarek al Mola told reporters that the Government's plan will soon be implemented To withdraw fuel subsidies, which are around $ 8 billion per year, according to official figures.

The withdrawal of subsidies is one of the commitments adopted by the Last year by the Egyptian Government with the International Monetary Fund (IMF) to receive a loan used to cover the public deficit.

Under this plan, Egypt liberalized The Egyptian pound last November, prompting the currency to depreciate by nearly 100%, which has had an impact on inflation, since Egypt imports the majority of the

Last December, Egyptian President Abdelfatah al Sisi called on the citizens, investors, businessmen and traders of the country to support the Government in the Economic crisis of the country.

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