Sisi government increased fuel prices in Egypt by up to 78%

The Egyptian government has dramatically raised fuel prices by up to 78 percent as part of its plan to cut state subsidies and reduce the country’s staggering budget deficit.

The price hikes, which have come into effect since Friday midnight, are expected to trigger a public backlash against newly-elected Egyptian president General Abdel Fattah el-Sisi.

The move comes less than a week after an increase in electricity prices in the North African country.

The price for 80 octane gasoline jumped 22 to 78 precedent per liter. Diesel fuel price also soared 25 to 64 percent while the 92 octane rose by 37 to 40 percent per liter.

The Egyptian government has already said that energy and food subsidies consume nearly a quarter of the budget and need to be slashed.

According to the latest figures, Egypt’s budget deficit reached 9.3 percent of its gross domestic product (GDP) in the first eleven months of the current fiscal year.