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Morocco Raises Fuel Prices By About 20 Percent to Cut Spending

June 4 (Bloomberg) -- Morocco raised subsidized fuel prices by about 20 percent for gasoline and 10 percent for diesel, in a move aimed at saving as much as $560 million through the end of the year, the government said.

“The decision to raise fuel prices will allow the state to save 4.5 billion dirhams or 5 billion dirhams ($560 million) over the next seven months,” from a total outlay of 50 billion dirhams for energy, Energy Minister Fouad Dhouiri said in an e-mailed statement today.

The increases raised the price of gasoline by 2 dirhams a liter to 12.24 dirhams while diesel climbed by 1 dirham to 8.20 dirhams, the official Maghreb Arabe Presse agency said yesterday, citing an unidentified government official.

Morocco imports almost all of its oil.

To contact the reporter on this story: Aida Alami in Rabat at aalami@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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