Fuel price hike 'a must': Federation of Egyptian Industries

CAIRO – 29 June 2017: “The government’s decision to introduce a new fuel price hike is a must and should be followed by a number of procedures to preserve citizens’ economic conditions,” Mohamed el-Bahi, board member of Federation of Egyptian Industries (FEI) said on Thursday.

“An increase in fuel prices was expected and inevitable, but should be followed by strict market control, to adjust the prices,” Bahi said, revealing that the decision will raise citizens’ awareness of rational consumption culture.

Earlier Thursday, the cabinet introduced new increases to fuel prices, noting that “in this way, total subsidies in the new fiscal year will reach LE 333 billion ($18 billion).”
In the new amendments, 80-octane gasoline soared from LE 1.60 ($0.08) to LE 3.65 per liter, while the 92-octane increased from LE 3.50 to LE 5.00 per liter.