(MENAFN- Kuwait News Agency (KUNA)) Egyptian Prime Minister Ibrahim Mahleb said here on Saturday the announced fuel price rise would provide 51 billion Egyptian pounds and even ensure social justice
"The hike in fuel prices is conducive to social justice," the prime minister told a news conference, adding that the prices of energy intensive industries were raised
He noted that energy subsidy would lead to an increase in the state budget deficit, indebtedness and poverty rate
The premier admitted that poverty rate hit 26.3 percent and joblessness exceeded 13.6 percent
Egyptian authorities announced a big rise in fuel prices as 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
Diesel will rise to 1.80 pounds per liter, an increase of 63 percent, while the less commonly used natural gas for vehicles will rise by 175 percent to 1.10 pounds per cubic meter
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