CAIRO (AP) — The Egyptian government raised fuel prices on Friday in a move that is bound to exacerbate inflationary pressures on an already-struggling...
CAIRO — The Egyptian government raised fuel prices on Friday in a move that is bound to exacerbate inflationary pressures on an already-struggling population.
Egypt, a net importer of energy, increased the price of 95 octane gasoline to 13.5 Egyptian pounds per liter from 12.5 pounds . The government also increased the cost of widely used butane gas cylinders from 75 Egyptian pounds to 100 pounds . Last year, a Cabinet member said Egyptians consume around 800,000 butane cylinders a day, 50% of which are imported.
The price hikes are in line with conditions set by the International Monetary Fund for the disbursement of further loans to Egypt.The lending institution has constantly urged the government to depreciate the currency and embark on monetary and fiscal tightening policies, including a cutback in government subsidies.have slashed Suez Canal revenues, which are a major source of foreign currency for Egypt. The attacks forced traffic away from the canal and around the tip of Africa.
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