Maghreb Edition

Egypt: Fear of more unrest prompts Sisi government to lower fuel pricesF

Posted On 4 October 2019

Number of times this article was read : 304

Cairo, Oct 4, 2019 – 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.

MEA Risk's Shield and Alert Mobile App

MEA Risk’s Shield and Alert Mobile App

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.

By AFP

Subscribe to Urgent Notifications and Newsletter

Most Recent Stories from the Region

Mali Army, Russian Allies Accused of Executing Civilians Near Mauritania BorderF

Seven Malian refugees traveling from Mauritania were allegedly executed by Malian soldiers and Russian Africa Corps personnel near Ahl El Kory, close to the Mauritanian border, after their vehicles were stopped on March 6. Local sources say the unarmed Fulani civilians were shot or had their throats cut, while other passengers were beaten, questioned as suspected jihadists, then released.

Niger: Armed Attacks Target Military Bases in TahouaF

Armed militants launched coordinated assaults on military facilities in Tahoua, a strategic city in northwestern Niger. The attacks targeted Air Base 401 at the local airport and the headquarters of the 42nd Inter‑Arms Battalion. Nigerien forces repelled both assaults after intense fighting, leaving several soldiers lightly wounded and multiple attackers dead, with five suspects arrested.

Global Energy Markets Jolt as Iran War Disrupts Gulf Oil FlowsF

Oil prices surged toward $119 per barrel as the conflict involving Iran disrupted tanker traffic through the Persian Gulf, forcing several Gulf producers to reduce output and pushing governments to consider emergency energy measures. Saudi Arabia joined Iraq, Kuwait, Qatar, and the UAE in cutting production as shipments stalled and storage capacity tightened. With hundreds of tankers idling near the Strait of Hormuz and major shipping insurers suspending coverage, the crisis is rapidly evolving from a regional military conflict into a global energy shock.

Written by The North Africa Journal

The North Africa Journal is a leading English-language publication focused on North Africa. The Journal covers primarily the Maghreb region and expands its general coverage to the Sahel, Egypt, and beyond, when events in those regions affect the broader North Africa geography. The Journal does not have any affiliation with any institution and has been independent since its founding in 1996. Our position is to always bring our best analysis of events affecting the region, and remain as neutral as humanly possible. Our coverage is not limited to one single topic, but ranges from economic and political affairs, to security, defense, social and environmental issues. We rely on our full staff analysts and editors to bring you best-in-class analysis. We also work with sister company MEA Risk LLC, to leverage the presence on the ground of a solid network of contributors and experts. Information on MEA Risk can be found at www.MEA-Risk.com.