fuel subsidies
The train fares will not change any time soon following the increase of fuel prices, Chairman of the Egyptian Railway Authority (ERA) Ashraf Raslan told Egypt Today.
The government announced the new prices of fuel gasoline 95 according to the automatic pricing mechanism that was approved in January at LE 9 per liter.
Ministry of Petroleum is expected to announce new prices of octane gasoline 95 in accordance with the automatic pricing mechanism that was approved in January.
The minister said the total cost of oil products subsidy over the past 5 years hit LE 517 billion.
Two businessmen said they endorse the state's step towards removing the last segment of fuel subsidies.
Egypt has been reducing fuel subsidies as part of an IMF-backed reform program that began in 2016, and is due to remove subsidies on most energy products by June.
The price hike will help Egypt meet the agreed target for a fiscal deficit of 8.4 percent of GDP in fiscal 2018/19.
The government is working in the coming period to purify gasoline 80 to reach 87 within the modernization plan.
Removing all fuel subsidies except for LPG by FY 2018/19 and will shield the budget from fluctuations in oil prices, IMF's regional director told Egypt Today
Egypt's annual urban consumer inflation jumped to 30.2 percent in February from 28.1 percent in January, the highest in 30 years.
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