Egypt decreases fuel prices for the first time in decades

Egypt decreases fuel prices for the first time in decades
Egypt had previously hiked up fuel prices as part of a tough austerity program. (AP/File photo)
Updated 03 October 2019

Egypt decreases fuel prices for the first time in decades

Egypt decreases fuel prices for the first time in decades
  • The decrease comes following rare anti-government protests believed to have been partly driven by economic hardship
  • the Petroleum Ministry said the new prices go into effect Friday, and will be reviewed after three months,

CAIRO: Egypt’s government said Thursday it would decrease fuel prices for the first time in decades and after a series of hikes in recent years after embarking on an ambitious reform program aimed at overhauling the country’s ailing economy.
The statement by the Petroleum Ministry said the new prices go into effect Friday, and will be reviewed after three months, partly based on international oil prices.
The decrease comes following rare anti-government protests believed to have been partly driven by economic hardship.
Austerity measures linked to the reform program have taken a heavy toll on poor and middle-class Egyptians.
The prices decreased by 0.25 Egyptian pounds ($0.015). The price of 92 octane gasoline decreased from 8 to 7.75 Egyptian pounds per liter. Eighty octane gas slashed from 6.75 to 6.5 Egyptian pounds per liter.