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MENAFN - Kuwait News Agency (KUNA) - 06/07/2014
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(MENAFN - Kuwait News Agency (KUNA)) Egyptian Prime Minister Ibrahim Mahleb said here on Saturday the announced fuel price rise would provide 51 billion Egyptian pounds and even ensure social justice



"The hike in fuel prices is conducive to social justice," the prime minister told a news conference, adding that the prices of energy intensive industries were raised



He noted that energy subsidy would lead to an increase in the state budget deficit, indebtedness and poverty rate



The premier admitted that verty rate hit 26.3 percent and joblessness exceeded 13.6 percent




Egyptian authorities announced a big rise in fuel prices as the price of 92 octane gasoline would be 2.60 Egyptian pounds (36 cents) per liter, up 40 percent from its current price of 1.85 pounds, while 80 octane gasoline would rise to 1.60 pounds per liter, up 78 percent



Diesel will rise to 1.80 pounds per liter, an increase of 63 percent, while the less commonly used natural gas for vehicles will rise by 175 percent to 1.10 pounds per cubic meter


 


Kuwait News Agency (KUNA)




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