Egypt has slashed fuel subsidies, increasing the price of some fuels by as much as 50 per cent as part of an IMF reform plan.
Oil Minister Tarek El-Molla said the move will help Egypt save up to £E50bn ($2.8 billion) in allocations for state subsidies in the 2018-19 state budget.
The cut to fuel subsidies is the third in Egypt since November 2016 and will put more pressure on Egyptian consumers, who are already struggling to with high unemployment and prices.
- 95 octane gasoline had been increased to £E7.75 a-litre from £E6.60
- 92 octane had been raised to £E6.75 a-litre from £E5
- 80 octane had gone up to £E5.50 a-litre from £E3.65
- The price of diesel is set to increase by 50.7 per cent
The price of gas has also been increased, with the price of canisters for household use raised from 30 to 50 pounds, and for commercial use from 60 to 100 pounds.
Prime Minister Mustafa Madbouly said that bread prices would not be affected by the increase in fuel prices.
He said the Ministry of Supply would bear the extra fuel cost for bakeries to ensure that the price of bread remains unchanged.
The subsidies were criticised on Sunday by the 25-30 Alliance, a bloc of opposition MPs.
In a statement they demanded Sisi cancelled the reforms, calling them “errant economic decisions” that would punish the lower and middle classes.
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