Cairo – Mubasher: The fuel price increase which commenced early Saturday saves the Egyptian government EGP 50 billion, the country's minister of petroleum and mineral resources said.
Through the price hike, the government seeks to reach the subsidy level allocated to next year's budget, which is EGP 89 billion, Tarek El Molla told Masrawy.
The ministry expects the new price increase to contribute to lowering fuel consumption by 5% during the coming fiscal year, he added.
Earlier on Saturday, Egypt's Ministry of Petroleum and Mineral Resources raised fuel prices with the most commonly used car fuel, the 92-Octane, rising to EGP 6.75 per litre from EGP 5.
