عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Hikes Domestic Fuel Prices

Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany
Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany
TT
TT

Egypt Hikes Domestic Fuel Prices

Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany
Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany

Egypt introduced its latest round of fuel subsidy cuts on Friday, raising domestic prices by between 16 percent and 30 percent.

The price of widely used 92 octane grade petrol rose by 18.5 percent to 8 pounds ($0.4825) a liter, while lower quality 80 octane rose by 22.7 percent to 6.75 pounds ($0.4071) a liter, the petroleum ministry said in a statement.

Higher grade 95 octane fuel rose by 16.1 percent to 9 Egyptian pounds ($0.5428) a liter, and diesel rose by 22.7 percent to 6.75 pounds per liter. The price of cooking gas cylinders rose by 30 percent to 65 pounds for domestic use and 130 pounds for commercial use.

Scaling back fuel subsidies was a key plank of a three-year $12 billion economic reform package signed with the IMF in November 2016. Energy subsidies had eaten up as much as 20 percent of the government's budget in recent years.

The reforms also included a sharp devaluation of the Egyptian pound and led to rapid inflation that later cooled.

Most Viewed

 
 
Business

Global Corporate Social Responsibility Forum to Kick off in Riyadh on Monday

A view of the Saudi capital Riyadh. (Getty Images)
A view of the Saudi capital Riyadh. (Getty Images)
TT
TT

Global Corporate Social Responsibility Forum to Kick off in Riyadh on Monday

A view of the Saudi capital Riyadh. (Getty Images)
A view of the Saudi capital Riyadh. (Getty Images)

The Saudi Ministry of Human Resources and Social Development will hold in Riyadh on Monday the inaugural Global Corporate Social Responsibility (CSR) Forum under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

The event, held under the theme "From Commitment to Impact", aligns with the Saudi Vision 2030 and the ministry's strategy to promote social responsibility by driving the Kingdom's development and building economic partnerships to foster a vibrant and collaborative society.

The forum will feature an extensive program that showcases local and international success stories, fosters communication among participants, and facilitates the exchange of insight and expertise in adopting sustainable policies globally.

Over 40 panel discussions led by more than 100 experts from 60 countries are planned during the forum. Participants include local and international ministers, private sector CEOs, experts, specialists, and decision makers.

Discussions will focus on the role social responsibility plays in aligning business strategies with the Saudi Vision 2030, global sustainability, and the role of modern technology toward reaching set goals.

The sessions will cover the use of AI to enable social responsibility and digital transformation, social responsibility in the industrial and financial sectors, corporate social responsibility initiatives that support the business environment and smart cities, and boost the global impact of corporate social responsibility.

The two-day forum will underscore Saudi Arabia's rising international status as one of the world's largest and fastest-growing economies.

According to the Global Competitiveness Report, Saudi Arabia ranks 16th globally in social responsibility, which makes it a leader in addressing global challenges.