00:00Egypt has raised the prices of a wide range of petroleum products as reported by the country's official newspaper.
00:09This marks the second increase this year as part of the government's efforts to cut subsidies and reduce budget deficits.
00:16The latest price hikes, which range between 10.5% and 12.9%, follow an almost 15% surge in April.
00:24The Egyptian Ministry of Petroleum announced that the government will freeze domestic fuel prices for at least a year after this latest increase, citing various local, regional and global developments.
00:35The ministry also stated that the oil sector will continue to operate its refineries at full capacity, set to death with its partners and provide incentives to boost production while cutting import costs.
00:48The oil prices, among the most commonly used fuels in the country, have increased by two Egyptian pounds, bringing the price towards 17 pounds per liter, up from 15.
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