Categories: World

Egypt raises fuel prices

The Egyptian government reported on Wednesday an increase from Thursday, July 25, 2024, in the prices of a wide range of petroleum products.

It raised the price of diesel fuel by 10 pounds to 11.5 pounds (+15%), from 11.00 to 12.25 pounds (+11.4%) for Petrol80, from 12.50 to 13, 75 pounds (+10) for Essence92 and from 13.50 to 15 pounds (+11.1%) for Essence95.

Remark that a meeting of the Executive Board of the International Monetary Fund (IMF) to examine the third review of the $8 billion loan program under Egypt’s Extended Credit Facility (ECF) is scheduled for July 29, 2024.

As a reminder, the IMF deal failed last year on the fact that Egypt does not have to make a price increase and other commitments, in particular by allowing its currency to evolve according to market mechanisms, in addition to selling state-owned assets and reducing the role of government in the economy.

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