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Monday, January 20, 2014
Gasoline and fuel oil subsidies were done away with in Morocco and diesel subsidies are due to be cut significantly. The ending of the subsidies is expected to aid Morocco in repairing its budget.
“Gasoline and fuel oil are no longer among the products subsidized by the government,” the general affairs ministry said in a statement carried by the state news agency MAP. The subsidies for diesel would decline from a level of 2.15 dirhams per liter to 0.80 dirham by October.
The government has been under pressure from the International Monetary Fund and the World Bank to cut spending and reform subsidies, taxation and its pension system. The demands are linked to a two-year, $6.2 billion precautionary credit line agreed by the IMF in 2012 for Morocco.
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