Cairo – Mubasher: Egypt expects saving EGP 22 billion from raising fuel prices, said Tarek El-Molla, Minister of Petroleum and Mineral Resources, on Friday.
The price hike is an essential to implement the economic reform plan, the minister added in a press conference after Egypt increased the oil prices following the Central Bank of Egypt's decision to float the EGP.
"Egypt imports around the third of its needs of petroleum products from abroad.. the rich benefit the most from the subsidies for petroleum products," El Molla noted.
Subsidies for petroleum products reach EGP 35 billion, according to budget's draft of FY 2016-2017.
