Egypt’s government is decreasing 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 county’s ailing economy.
Thursday’s statement by the Petroleum Ministry says the new prices go into effect Friday, and will be reviewed after three months, partly based international oil prices.
The decrease comes following rare anti-government protests believed to have been partly driven by economic hardship. The protests triggered a sweeping security clampdown.
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.