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El-Sisi Inaugurates His Third Term with a Decision to Raise Fuel Prices

Statement by the Revolutionary Socialists

The regime of Abdel Fattah El-Sisi has decided to raise fuel prices, reaffirming that it does not care about the severe and unprecedented crisis that has affected large sectors of society, plunging many into poverty.
In December 2018, the Egyptian regime formed a committee for the automatic pricing of petroleum products as part of the conditions of the agreement with the International Monetary Fund (IMF) signed in 2016. At that time, the regime claimed that the committee monitored the price equation to link local prices with global prices, provided that the change in the consumer sale price does not exceed 10% up or down.

The recent decision to increase fuel prices exceeded the rate of change specified by the formed committee. The price of butane gas cylinders increased by 33%, and the price of diesel increased by 21%, indicating that this authority does not adhere to any decisions or laws unless they concern its power or reinforce its class status.

The decision to raise fuel prices comes days after the signing of the agreement for the city of Ras El Hekma, which the regime and its media machine touted as a solution to the difficult living conditions faced by the majority of the Egyptian people. However, the decision to increase fuel prices undoubtedly proves that this propaganda was just another episode of lies.

The dollars the Egyptian regime secured from its ally, the UAE, were only to ensure some necessary liquidity of dollars, paving the way for the flotation decision and the liberalization of the exchange rate, which was approved by the Monetary Policy Committee of the Central Bank of Egypt by raising the interest rate by 6% as part of the latest agreement with the IMF.

The recent flotation decision was the main reason for the increase in fuel prices, which was confirmed by the government statement that considered these increases resulting from the flotation decision as one of its benefits! A lie that no one can believe. These benefits are primarily reflected in raising prices, whether directly in transportation or indirectly by increasing the prices of all goods and services due to their inevitable connection to transportation means.

There is no way out of the crisis as long as the same policies continue, which only know borrowing to create projects with enormous profits for investors, then selling assets to other investors to chase debt burdens and placing the burden of these policies on the majority of society, including the poor and wage earners.

Therefore, the Revolutionary Socialists call on all political and trade union forces to form the broadest front now to struggle to change the political and economic equation and to listen to the voices in the streets, transportation, and workplaces that cry out, “You have starved us, Sisi.”