Egypt to raise fuel prices by up to 78 percent from midnight: source

[World News]

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Egypt was set to raise mainstream fuel prices by up to 78 percent from midnight on Friday, an Oil Ministry source told Reuters, in a long-awaited step to cut energy subsidies to ease the burden on its swelling budget deficit. Food and energy subsidies traditionally eat up a quarter of state spending. The government is cutting subsidies in hopes of reviving an economy battered by more than three years of political turmoil. The source said the price of 92 octane gasoline would be 2.60 Egyptian pounds (36 cents) per liter, up 40 percent from its current price of 1.85 pounds, while 80 octane gasoline would rise to 1.60 pounds per liter, up 78 percent.

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