Egypt Hikes Fuel Prices Ahead of IMF Review

Egypt has raised prices on various fuel products by up to 15%, according to the official gazette. The price hike comes just days before the International Monetary Fund is set to review the country's $8 billion loan program.

On Thursday, Egypt announced a significant increase in fuel prices across multiple products, as reported by the official gazette. This decision comes just four days ahead of the International Monetary Fund's third review of the nation's expanded $8 billion loan program.

Citing the petroleum ministry, the gazette detailed that petrol prices have surged by up to 15% per litre. Specifically, 80 octane petrol now costs 12.25 Egyptian pounds ($0.25), 92 octane has risen to 13.75 pounds, and 95 octane now stands at 15 pounds. Diesel, a widely used fuel, has experienced the most substantial hike, climbing to 11.50 Egyptian pounds ($0.24) from its previous price of 10 pounds.

The move to raise fuel prices is seen as a critical measure to align with the terms and conditions set by the IMF before their upcoming review. The exchange rate is currently $1 to 48.2900 Egyptian pounds.

(With inputs from agencies.)