Egypt Hikes Fuel Prices as Part of IMF-Led Bailout

Egypt raised fuel prices by as much as 13%, in the latest move to trim state subsidies in line with International Monetary Fund-backed reforms.

The diesel price was lifted by almost 13% to 17.5 Egyptian pounds ($0.37) a liter, effective Friday, the oil ministry said in a statement. The prices of 95-, 92- and 80-octane types of gasoline were increased from 10.5% to 12.7%. Prices will remain unchanged for at least a year, the ministry said.