Misr Petroleum officials charged with smuggling subsidized oil products

Misr Petroleum officials charged with smuggling subsidized oil products

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Tue, 13/11/2012 - 17:09

Public Prosecutor Abdel Meguid Mahmoud on Tuesday referred six current and former officials of Misr Petroleum in the Suez Canal zone and Sinai to a criminal court, charged with smuggling subsidized oil products worth more than LE110 million, which is the difference between the subsidized price and the market price.

The Administrative Control Authority in Suez said in a report that the accused have been passing diesel and petrol to smugglers in the Wadi Maghara district of North Sinai to sell on the black market in Gaza for seven years.

Egypt suffers periodic fuel shortages that lead to long lines at gas stations and fights among drivers for limited quantities.

Meanwhile, Prime Minister Hesham Qandil’s Cabinet is planning to lift subsidies of certain types of fuel to rationalize spending and bridge the budget deficit.

Edited translation from Al-Masry Al-Youm