Egypt raises fuel prices effective today

Egypt’s cabinet has approved a new rise in fuel prices to take effect from Thursday, June 29.

The Middle East News Agency, MENA, quoted Egypt's Prime Minister Sherif Ismail as saying that the decision has been taken to ensure state subsidies go only to the deserving.

The current period permits of no delay in taking such critical decisions which are part of the reform programme adopted by the government to rectify the previous course, added the premier, noting that the move is primarily meant to enhance public services.

It's noteworthy that this is the second fuel increase since the Egyptian currency was floated in November, as part of a plan to cut state subsidies to ease the budget deficit.