Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan programme with the lender.
Egypt introduced its latest round of fuel subsidy cuts on Friday, raising domestic prices by between 16% and 30% as it nears the end of an IMF-backed economic reform programme.
Fuel prices in the UAE has been increased for the month of August-2019 with the petrol and diesel price per litre going up by 7-8 fils.
Striking Portuguese fuel-tanker drivers have ended their strike after agreeing to return to negotiations over demands for better pay and conditions
The price of Super 98 rose to Dhs2.48 per litre for May, up from Dhs2.23 in April, while the price of Special 95 rose to Dhs2.34 per litre for May, up from Dhs2.11 in March.
The move follows "the release of arson balloons from the Gaza Strip toward the State of Israel" which caused fires across the border, the Israeli defence ministry department responsible for Palestinian civil affairs said.
China will ramp up gasoline exports in July and August to near record levels with cargoes moving to Mexico and Nigeria as refiners seek outlets for their fuel amid a wave of new production and slowing domestic demand.
China is planning to lower wholesale aviation fuel price as early as July, part of Beijing’s pledge to reduce business costs in a slowing economy, said an oil industry executive and a spokeswoman with the Chinese aviation authority. The cuts will apply to both ex-refinery prices and rates charged
Egypt spent 60.1 billion Egyptian pounds ($3.51 billion) on fuel subsidies in the first nine months of the 2018-2019 financial year, petroleum minister Tarek El Molla said. Egypt has been reducing fuel subsidies as part of an IMF-backed reform programme that began in 2016,