Egypt's Finance Minister Amr al-Garhy said on Sunday the government is studying the application of new cuts to fuel subsidies. Garhy added that the government has a new plan targeting energy subsidies, with a view to cut them dramatically over the course of three years, starting this fiscal year 2016/2017. Egypt raised energy prices on November 3, the same day the central bank floated the country's pound currency. These moves were part of Egypt's austerity measures, aimed at securig the US$12 billion IMF loan agreement. The less commonly used natural gas for vehicles was also raised by 45.5 percent to LE1.6 per cubic meter, up from LE1.1.

Source: Egypt Independent January 16, 2017 12:51 UTC