CORRECTED-UPDATE 2-Egypt raises domestic fuel prices, freezes them for at least a year ...Middle East

Egypt raised prices on a wide range of fuel products on Friday, the country's official gazette said, marking the second increase this year, in line with government policies to reduce subsidies and ease a budget deficit. The increases of 10.5% to 12.9% on a wide range of petroleum products followed a hike of nearly 15% in April. Egypt's petroleum ministry said the government would freeze domestic fuel prices for at least a year after Friday's rise, citing local, regional and global developments.

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