Egypt Keeps Fuel Prices Unchanged until Year End

Egypt Keeps Fuel Prices Unchanged until Year End

Egypt fixed gasoline prices on Saturday, for a period of 3 months until the end of this year, as a result of global economic conditions and their repercussions on the oil markets.

The decision comes after three consecutive price increases, and the devaluation of the local currency against the dollar, despite a preliminary agreement with the International Monetary Fund (IMF) on a loan ranging from 3 to 7 billion dollars.

In a quarterly review on Saturday, Egypt’s fuel pricing committee kept domestic fuel prices unchanged, the petroleum ministry said in a statement.

Prices of 80-octane, 92-octane and 95-octane petrol remained at 8 Egyptian pounds ($0.4098), 9.25 EGP and 10.75 EGP a liter, respectively, while the diesel price remained at 7.25 EGP.

Last week, at the end of a visit to Washington, an Egyptian delegation - represented by the Central Bank of Egypt and the Ministry of Finance – announced the success of the technical meetings with the managers and experts of the IMF, resulting in a full agreement over the new Egyptian economic reform program.

Two statements issued separately by the IMF and the Egyptian Ministry of Finance said that the two sides would soon announce the final agreement on the new program in Cairo.

The