Millennium Post

Egypt raises fuel prices

Egypt's cabinet on Thursday approved a new rise in fuel prices by up to 50 per cent.
The Middle East News Agency quoted Prime Minister Sherif Ismail as saying that the decision had been taken to ensure state subsidies go only to the deserving.
"The current period permits of no delay in taking such critical decisions which are part of the reform programme adopted by the government to rectify the previous course," Ismail said.
He added that the move was primarily meant to enhance public services.
This is the second fuel increase since the Egyptian currency was floated in November as part of a plan to cut state subsidies to ease the budget deficit.
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