El Molla denies news on Fuel prices Increase
Wednesday, 17th May 2017
Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, denied any decision to increase gasoline price in the meantime, adding that no date has been set to increase it or even to agree on the rate of increase, Egypt Independent reported.
El Molla pointed out that the Ministry set plans to ensure subsidies will go to citizens who need it, adding that the rationalization of energy subsidies is part of a comprehensive program on subsidy rationalization across all sectors including electricity, petroleum and food commodities.
According to El Molla, the ministry has a clear plan to rationalize energy subsidies through a five-year national plan which began in 2014; it has no relation to the International Monetary Fund loan that Egypt received.
The Minister said that the oil and gas sector is focusing on improving the petroleum sector through developing refineries, expanding the use of natural gas, and transforming Egypt into a regional center for energy.