Egypt Slashes Fuel Subsidies to Ease Pressure on State Finances
Photographer: Mohamed El-Shahed/AFP via Getty Images
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Egypt’s government slashed fuel subsidies as part of an economic overhaul backed by the International Monetary Fund, easing pressure on public finances but dealing a new blow to consumers already struggling with double-digit inflation.
The decision, effective July 5, raises the price of diesel, which is used by trucks, buses and other motorists by 22.7%. The price of higher-grade 95 and 92 octane gasoline rose by 16% and 18.5%, according to a statement from the oil ministry. Lower-grade 80 octane gasoline went up by 22.7%.