‘This raise in prices is a hard way but Egypt should go through it, especially after debt accumulation,’ Mahlab said during a phone interview with 90 Minutes program on el-Mehwar TV channel.
The drastic increase in prices to arrest the 240 billion Egyptian pounds (USD 33.5) billion deficit might blow back on newly-elected President Abdel Fattah al-Sisi. Commuters had blocked roads and bickered with public transport drivers soon after the announcement of the hike.
Many activists who were unhappy with this decision posted many caricatures, photos and statues on social media sites to express their opposition. The Egyptian government raised the fuel prices by up to 78 per cent on Friday midnight to control a bloated subsidy system.
The new increase in fuel prices ranged from 0.40 Egyptian pounds (USD 0.06) to 0.75 Egyptian pounds per litre.
The price of 92 octane gasoline, which used to be sold at 1.85 Egyptian pounds per litre, was raised to 2.6 Egyptian pounds per litre and 80 octane gas from 0.9 Egyptian pounds per litre to 1.6 Egyptian pounds per litre.
The price of diesel was raised from 1.1 Egyptian pounds to 1.8 Egyptian pounds per litre, reported Youm 7 website. Meanwhile, Cairo Governor Galal Mostafa al-Said yesterday approved a 15 to 20 per cent increase in the Cairo public transportation charges. ‘There will be continuous monitoring of the new fee,’ Said was quoted as saying by the state-run MENA news agency.
He also said the white Cairo taxis fees will be increased to 3 Egyptian pounds instead of 2.50 Egyptian pounds as the starting fee and 1.40 Egyptian pounds for every kilometre instead of the current 1.25 Egyptian pounds.