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Egypt raises fuel prices to slash subsidies

Egyptians queue with their cars at a petrol station in Cairo, on January 16, 2012Egypt’s government has drastically raised fuel prices to tackle a bloated subsidy system, in a potentially unpopular move that might blow back on newly elected President Abdel Fattah al-Sisi. With an economy battered by three years of unrest, successive governments had said that the subsidies which allow Egyptians to buy gasoline at some of the world’s cheapest prices must be lifted.

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