Media ININ Economy We Trust
Media In – Cairo June 16, 2018
The Ministry of Petroleum and Mineral Resources of Egypt announced a new increase in the prices of petroleum products, with the price of the domestic potty fifty pounds for the cylinder and the commercial one hundred pounds for the cylinder.
In a press release issued today, she explained that the price of petrol 95 was 7.75 pounds per liter, “petrol 92” 6.75 pounds per liter, 80 petrol was 5.50 pounds per liter, kerosene 5.50 pounds per liter, diesel fuel 3500 pounds per tonne and gas supply cars 2.50 pounds.
Minister of Petroleum and Mineral Resources Tariq Al-Mulla affirmed that the decisions to correct the petroleum products support system and adjust price distortions are not an objective in themselves but rather were decisive measures taken by Egypt to reduce the negative effects of the distorted support system that continued for many years on the economy. And the basic services provided to the citizens, which have been severely affected as a result of accusing the petroleum products support system of financial resources.
He said following the approval by the Egyptian cabinet of the increase in the prices of petroleum products as of today, the total support of petroleum products and natural gas during the past five years amounted to 517 billion pounds, which did not benefit the real beneficiaries of support, besides many negative repercussions on the economic and social dimensions.
