Egypt Hikes Fuel Prices in Latest Spending Cut After IMF Deal
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Egypt raised prices for a wide range of fuel products by up to 15%, the latest trimming of state subsidies following a new pact with the International Monetary Fund.
Rates of gasoline, diesel, kerosene and a type of fuel oil were all raised, with the exception of fuel oil used for electricity and food related industries, the oil ministry of the Middle East’s most populous country said in a statement. A pricing committee meets quarterly to determine prices at Egypt’s pumps.