Egypt raises fuel prices by up to 78 percent from midnight
Food and energy subsidies traditionally eat up a quarter of state spending
Egypt will raise fuel prices in ranges that reach up to a 78 percent hike starting midnight, an Oil Ministry source told Reuters on Friday, as the country tries to cut energy subsidies to ease the burden on its swelling budget deficit.
“The increase will start being implemented by midnight,” the source said.
Food and energy subsidies traditionally eat up a quarter of state spending and the government is taking steps to reform its subsidy program and revive an economy that has been battered by more than three years of political turmoil.
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