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    Egypt raises fuel prices by nearly 80%

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    PressTV

    by PressTV

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    The Egyptian government has dramatically raised fuel prices by up to 78 percent as part of its plan to cut subsidies.

    The drastic hikes, which have come into effect since Friday midnight, are expected to trigger a public backlash against the newly-elected President Abdel Fattah al-Sisi. The move follows an increase in electricity prices introduced earlier this week. The government has already said that energy and food subsidies consume nearly a quarter of the state budget and need to be slashed in order to reduce the budget deficit.