Egypt raises fuel prices for 5th time since 2014

CAIRO (AA) - The Egyptian government on Friday raised subsidized fuel prices for the fifth time since July 2014.

In 2016, the International Monetary Fund approved a $12-billion loan request by Egypt on condition that Cairo raises taxes and reduces government subsidies.

Egypt, after applying the increase in subsidized fuel and electricity prices, hopes to receive the last $2 billion of the loan in July, according to previous official statements.

According to a statement issued by the Ministry of Petroleum, the prices of different kinds of fuel were raised between 16-30%.

During the era of former President Hosni Mubarak, who ruled Egypt from 1981 to 2011, the state heavily subsidized several “strategic” commodities, including electricity, fuel, cooking oil and bread.

Under current President Abdel Fattah al-Sisi, who came to power in 2014, the state has vigorously attempted to reduce subsidy costs.