Petroleum Africa
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Monday, July 7, 2014
Egyptians are having to pay extra at the pump as the government is cutting subsidies in an effort to revive the economy. Consumers are now paying LE2.60 per liter for 92 octane gasoline, an increase of LE 0.75 and 80 octane has jumped to LE 1.60 per liter.
Drivers who use natural gas in their vehicles, mainly taxi drivers, will see a big jump in price. One taxi driver told Petroleum Africa that natural gas sold previously at LE 0.45 had more than doubled to LE 1.10 per cubic meter.
Khaled Hanafi, Egypt’s Supplies Minister, confirmed the cuts on private television and the country’s Finance Minister Hany Kadry Dimian said the cuts in energy subsidies in the 2014/15 budget would save the government LE40 billion.
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