Egypt raising fuel prices by up to 50 percent, energy ministry says

CAIRO (Reuters) – Egypt announced on Saturday it was raising fuel prices by as much as 50 percent, under a reform plan backed by the International Monetary Fund that provides for cutting state subsidies on some consumer products.

The energy ministry said that 95 octane was increased to 7.75 Egyptian pounds ($0.4354) a liter from 6.6 pounds; 92 octane was increased to 6.75 pounds a liter from five pounds and 80 octane was raised to 5.5 pounds a liter from 3.65 pounds.

The price increases will save the country’s 2018-2019 budget 50 billion pounds, Oil Minister Tarek El Molla said.

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