Egypt to raise fuel prices
Egypt is to increase the cost of fuel, the Minister of Petroleum and Mineral resources has announced.
Prices of fuel oil will be gradually increased during the coming period in consultation with the concerned ministers, [Egypt's] Minister of Petroleum and Mineral Resources said on Sunday.
This comes in accordance with the prime minister's decision issued on December 8 to increase the supply price of fuel oil and the fuel used in producing cement.
The price of one ton of fuel oil is 2,300 L.E instead of 1,000 L.E as of this month.
Egypt's government is currently deliberating with with factories in order to reach the best formula to implement this step, the minister said during a press conference held today.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?