NNA - Member of Gas Station Owners' Syndicate George Brax said that the central bank's gradual lifting of fuel subsidies has caused the increase of the combustibles' prices on Monday.

"The central bank is carrying on with its policy to gradually lift the subsidies on gasoline," Brax said in a statement. He explained that in the price grid issued today, only 55% of the gasoline price are calculated at the Sayrafa rate, while 45% of the price is set at the parallel market rate. Previously, the central bank used to cover 70% of the price in subsidized dollar at the Sayrafa rate, and 30% were calculated at the parallel market's rate.

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