MP: New fuel pricing mechanism ‘rushed’ through to appease IMF on subsidy cuts

Source: Madamasr

Author(s): Beesan Kassab

Original Link:

The government raised fuel prices on Friday, the latest in a round of subsidy cuts tied to an economic program backed by the International Monetary Fund. This is the fifth hike in fuel prices since the process to restructure fuel subsidies in the state budget began five years ago, in July 2014, a month after President Abdel Fattah al-Sisi took office.

The prices of diesel and 85-octane fuel rose by 22.7%, while the price of 95-octane and 92-octane rose by 16% and 18.5%, respectively.

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