CAIRO (AP) — Egypt‘s prime minister has defended his government’s decision to introduce a steep rise in fuel prices, saying energy subsidies have over the past decade cost the treasury a staggering 687 billion pounds (nearly a $100 billion).
The fuel price hikes of up to 80 percent came into force on Saturday and follow promises to cut subsidies that eat up nearly a quarter of the state budget. They also come after an increase in electricity prices that were put in effect at the start of July.
Prime Minister Ibrahim Mahlab, addressing a televised news conference, said it would have been a “crime” if his government did not move to start lifting subsidies.
He said lifting energy subsidies was needed to free funds for essential services like health care and education.
Egypt premier defends steep energy price hike
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