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Egypt Raises Fuel Prices Starting Thursday

Egypt Raises Fuel Prices Starting Thursday

A worker holds up a fuel pump nozzle after filling up the tank of a car at a petrol station in Cairo October 3, 2012. REUTERS/Mohamed Abd El Ghany

The Council of Ministers of Egypt approves petrol new price list imposed on gasoline, diesel and butane gas starting Thursday.

According to the Ministry of Petroleum, the prices for 80 octane gasoline increased from EGP 2.35 to EGP 3.65 per litre. Prices for 92 octane gasoline climbed to EGP 5 from EGP 3.50 per litre. Also, diesel prices increased from EGP 2.35 to EGP 3.65 per litre. Prices for butane gas doubled reaching EGP 30 instead of EGP 15.

While about 30 percent of Egypt’s population lives below the poverty line, the second round of fuel price increase would make Egyptians struggle even more in attempts to cope with the new price hikes.

Last November, the Egyptian government issued a decision raising prices of fuel, diesel, butane gas and natural gas by up to 47 percent.

This increase happened 24 hours after Egypt’s central bank (CBE) floated the pound currency devaluing it against all foreign currencies.

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