In a move aimed at cutting state subsidies and reducing the budget deficit, Egyptians will face exponential increases in the prices of petrol, diesel, natural gas and electricity. The Egyptian General Petroleum Corporation (EGPC) announced late on Friday that the price increases would take place from midnight after having been officially approved by Egypt’s cabinet earlier this week. According to the EGPC, the price of 92-octane petrol would rise to 2.60 Egyptian Pounds per litre, up 40 percent from its current price of 1.85 pounds. Meanwhile, 80-octane petrol would rise to 1.60 pounds a litre, up by 78 percent. Diesel’s price will increase by 63 percent to climb from 0.7 pounds to 1.8 pounds per litre. Meanwhile, natural gas, widely used by taxi-drivers and others unable to afford the higher prices of diesel and petrol, will rise by 175 percent to 1.10 Egyptian pounds per cubic metre. Energy and food subsidies in Egypt are said to account for nearly a quarter of the government’s total spending. Electricity prices to double The government, which currently sells electricity for less than half its production cost, has also announced that electricity prices are expected…
