Fuel price increase
Prime Minister Sherif Ismail
Cairo - MENA
It was necessary to increase the fuel prices, otherwise the subsidy of petroleum products would hit 150 billion pounds, Prime Minister Sherif Ismail said.
Egypt's total subsidy is expected to reach 333 billion pounds in the 2017-2018 fiscal year compared to 270 billion pounds in the current fiscal year, the premier noted.
Ismail revealed the government's plan to decrease the budget deficit to 9.1 percent from the current 10.8 percent.
He said the government also seeks to reduce public debt to 95% of the gross domestic product in the new budget.
The single butane gas cylinder costs the state 115 pounds, while the citizen pays only 15 pounds to get it, so it necessary to increase its price to 30 pounds, the prime minister added.
Source: MENA
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