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Minister of Finance negates any statements concerning dates of petroleum products price increase


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News Date: 3/4/2015 12:00 AM  Minister of Finance negates any statements concerning dates of petroleum products price increase 
Minister of Finance, Hany Kadry Dimian, confirmed that Ministry of Finance hasn’t issued any official statements regarding an early increase of petroleum products prices, mentioning that the Ministry hasn’t issued any statements attributed to anonymous sources; therefore such statements are not reliable.  

He said that the state’s plan to cut energy subsidy mentioned before, is not only based on increasing prices, however it depends on a number of axes and mechanisms, including diversification of energy sources into lower-cost sources, combating illicit trade and control distribution systems via smart card system, gradually move to less-energy equipment and means of transportation.  Minister of Finance added that the Ministry has not issued any official statements regarding such dates, however the government has already announced its trend to cut energy subsidy within 5 years, maintaining energy subsidy directed to lower-income sects.           

Many studies confirm that higher-income sects are those who mostly benefit from energy subsidy while public services suffer from lack of allocations of the same. 

On other hand, the Ministry affirmed that the last increase of cigarettes prices is mainly directed to finance health services and some high social component     investment projects, mentioning that there is no relation or linkage between the increase of cigarettes prices and any other goods prices.

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Minister of Finance negates any statements concerning dates of petroleum products price increase