Categories: World News

Egypt Lowers Fuel Prices After Protests

File photo of Egyptian President Abdel Fattah al-Sisi. Khaled DESOUKI / AFP

 

Egypt lowered fuel prices on Friday, the oil ministry said, following several rounds of price hikes as part of an austerity programme that have triggered discontent.

The move comes a week after rare protests broke out in Cairo and other cities across Egypt calling for the removal of President Abdel Fattah al-Sisi.

The country’s pricing committee “decided to lower the prices of the three types of gasoline products on the domestic market by 25 piastres (0.015 US cents) a litre”, the ministry said in a statement Thursday.

The price of 80-octane gas was cut to 6.5 Egyptian pounds, 92-octane to 7.75 pounds and 95-octane was lowered to 8.75 pounds.

The decision comes “in light of the decline in the price of Brent crude oil in the international market between July and September … and the depreciation of the dollar against the (Egyptian) pound,” it said.

Egypt has raised fuel prices several times as part of subsidy cuts under ambitious but tough economic reforms since general-turned-president Sisi took office in 2014.

The austerity policies, including subsidy cuts on essentials such as fuel as well as the devaluation of the local currency, are tied to a $12-billion bailout from the International Monetary Fund.

Egypt received the final tranche of the three-year IMF loan in August.

Since Egypt’s agreement with the IMF in 2016, living costs have soared, hitting poor and middle-class Egyptians.

Sisi regularly calls on Egyptians to endure the economic hardship promising future prosperity.

Last month’s protests broke out in defiance of a ban on demonstrations after an exiled Egyptian businessman accused Sisi and the military of rampant corruption.

AFP

Ronke Idowu

Disqus Comments Loading...
Share
Published by
Ronke Idowu
Tags: Abdel Fattah al-Sisi Egypt Fuel Prices

Recent Posts

  • Politics

BREAKING: Tribunal Upholds Bala Mohammed’s Election As Bauchi Governor

  BREAKING: Tribunal Upholds Bala Mohammed Victory As Bauchi Governor.  

16 mins ago
  • World News

US-China Trade Talks To Resume Thursday

  High-level US-China trade negotiations will resume this week in Washington, the White House announced Monday, a hopeful sign after…

1 hour ago
  • World News

Trump Must Produce Tax Returns, Says US Federal Judge

  A US federal judge in New York on Monday dismissed President Donald Trump's efforts to block access to years…

1 hour ago
  • Entertainment

Kim Kardashian Christens Her Children In Armenia

  US reality television star Kim Kardashian baptised her children on Monday during a visit to her ancestral homeland Armenia.…

2 hours ago
  • Sports

Lloris Out For Two Months, Says Deschamps

  Tottenham Hotspur goalkeeper Hugo Lloris will "almost certainly" be out of action for the rest of the year after…

2 hours ago
  • Headlines

Nigeria’s Prosperity Concentrated In The Hands Of Few People – Buhari

  President Muhammadu Buhari has said that a significant proportion of Nigeria's prosperity is concentrated in the hands of a…

2 hours ago