By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Prime Minister meets officials of German Bosch Group
    Prime Minister meets officials of German Bosch Group
    March 21, 2023
    CBE allows women to open savings vessels to their minor children, should mothers provide money as donation
    CBE allows women to open savings vessels to their minor children, should mothers provide money as donation
    March 21, 2023
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
    March 20, 2023
    Could this be the year for Tobacco Harm Reduction?
    Could this be the year for Tobacco Harm Reduction?
    March 20, 2023
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    March 20, 2023
  • Politics
    PoliticsShow More
    Egypt’s Irrigation Minister heads to New York for UN water meeting 
    Egypt’s Irrigation Minister heads to New York for UN water meeting 
    March 21, 2023
    Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 
    Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 
    March 21, 2023
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    March 21, 2023
    Chinese President Xi meets Putin in Moscow
    Chinese President Xi meets Putin in Moscow
    March 21, 2023
    UN envoy says solution "closest" to end political crisis in Sudan
    UN envoy says solution “closest” to end political crisis in Sudan
    March 20, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt raises domestic fuel prices by 7-10%
Share
Notification
Latest News
Prime Minister meets officials of German Bosch Group
Prime Minister meets officials of German Bosch Group
Business
Egypt’s Irrigation Minister heads to New York for UN water meeting 
Egypt’s Irrigation Minister heads to New York for UN water meeting 
Politics Egypt
Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 
Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 
Politics Egypt
CBE allows women to open savings vessels to their minor children, should mothers provide money as donation
CBE allows women to open savings vessels to their minor children, should mothers provide money as donation
Business
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Breaking News > Egypt raises domestic fuel prices by 7-10%
Breaking NewsBusinessEgypt

Egypt raises domestic fuel prices by 7-10%

Mohamed Samir
Last updated: 2023/03/02 at 1:09 AM
By Mohamed Samir 2 Min Read
Share
Egypt raises fuel prices
Egypt raises fuel prices
SHARE

Egypt raised the prices of domestic fuel by between 7-10% on Thursday, and kept diesel unchanged.  The price of a litre of octane 92 petrol increased to EGP 10, from EGP 9.25. The price of octane 80 petrol fuel increased from EGP 8 to EGP 8.75, and octane 95 petrol rose to EGP 11.50 up from EGP 10.75.

This comes as the price of US dollar against the Egyptian pound has reached a record-high of EGP 30.65. Brent crude is now trading just above $83.33 a barrel on Wednesday.

Egypt had committed to implementing the automatic price indexation mechanism, linking fuel prices to the international crude oil prices and exchange rates since September 2019.

In October 2022, the Egyptian authorities reached a staff-level agreement with the International Monetary Fund (IMF) for a $3bn loan. 

The loan aims to provide Egypt with balance of payments and budget support while catalysing additional financing from Egypt’s international and regional partners to maintain economic stability, address macroeconomic imbalances and spillovers from the war in Ukraine, protect livelihoods, and push forward deep structural and governance reforms to promote private sector-led growth and job creation. The agreement was approved by the IMF’s Executive Board in December.

Egypt’s IMF-supported economic reforms programme includes a durable shift to a flexible exchange rate regime, monetary policy aimed at gradually reducing inflation, fiscal consolidation to ensure downward public debt trajectory while enhancing social safety nets to protect the vulnerable, and wide-ranging structural reforms to reduce the state footprint and strengthen governance and transparency.

In January 2019, Egyptian authorities agreed with the IMF, to implement several reform measures, including the implementation of a fuel price indexation mechanism for all fuel products in June 2019.

You Might Also Like

Prime Minister meets officials of German Bosch Group

Egypt’s Irrigation Minister heads to New York for UN water meeting 

Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 

CBE allows women to open savings vessels to their minor children, should mothers provide money as donation

Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba

Share this Article
Facebook Twitter Email Print
By Mohamed Samir
Mohamed Samir Khedr is an economic and political journalist, and analyst specialising in geopolitical conflicts in the Middle East, Africa and the Eastern Mediterranean. Over the past decade, he covered Egypt's and the MENA region's financial, business, and geopolitical updates. He is currently the Executive Editor of the Daily News Egypt. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
Previous Article Opinion| Libya: Saga of two governments vying for power Opinion| Libya: Saga of two governments vying for power
Next Article Egypt expands ‘Authorized Economic Operator’ to facilitate customs' dealings: Finance Minister Egypt expands ‘Authorized Economic Operator’ to facilitate customs’ dealings: Finance Minister
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Prime Minister meets officials of German Bosch Group
Prime Minister meets officials of German Bosch Group
Business
Egypt’s Irrigation Minister heads to New York for UN water meeting 
Egypt’s Irrigation Minister heads to New York for UN water meeting 
Politics Egypt
Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 
Al-Sisi pardons all imprisoned debt defaulters ahead of Ramadan 
Politics Egypt
CBE allows women to open savings vessels to their minor children, should mothers provide money as donation
CBE allows women to open savings vessels to their minor children, should mothers provide money as donation
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?