The Egyptian government on Saturday announced a 10-20 per cent increase in the ticket prices for the minibus service used throughout the country.
The decision came following a meeting between Prime Minister, Mostafa Madbouly, and the newly appointed Minister of Local Development, Major General Mahmoud Shaarawy
According to a statement by the Prime Minister’s Office, the officials discussed “the availability of the various petroleum products and the application of a new tariff on public transportation and taxis.”
Madbouly, the statement added, had contacted a number of governors across Egypt to ensure “a proper implementation” of the minibus’ new tariff.
“There is full coordination between the state authorities on the implementation of the recent decisions,” Madbouly noted, stressing: “The government will deal decisively with any violations.”
On Saturday, the Egyptian Ministry of Petroleum and Mineral Resources announced a 17.4-66.6 per cent increase in fuel and cooking gas prices as part of the country’s economic reforms and austerity measures designed to overhaul Egypt’s struggling economy. The price of goods and services are expected to rice as a result.
This is the third time the government has increased fuel prices in 20 months. The first increase in fuel prices was made in 2016, days after the Egyptian pound was floated, while the second time took place, in late June 2017.
Egypt has been looking to cut subsidies as part of an extensive economic reform under a $12 billion three-year loan deal with the International Monetary Fund (IMF) which was signed in 2016.
Whilst the IMF praised the Egyptian government’s moves to strengthen its economy last year, the new state policies have added to the financial woes of many millions of Egyptians living below the poverty line, who have complained of being unable to afford basic necessities.