Cairo - Mubasher: The director of the International Monetary Fund’s (IMF) Middle East and Central Asia Department said on Friday that the time to raise fuel prices in Egypt is only decided by the Egyptian government.
The IMF is only providing technical assistance, Jihad Azour added in a press conference on the sidelines of the IMF and the World Bank meetings, adding that Egypt has carried out an economic reform programme that helped in improving financial stability.
Back in June, the Egyptian Ministry of Petroleum decided to increase fuel prices for the the second time since the Central Bank of Egypt’s (CBE) decision to free the exchange rate of the Egyptian Pound in November 2016.
The decision was part of a plan to cut state subsidies to ease the budget deficit.
The price of 92-octane gasoline was increased to EGP 5 Egyptian per litre from EGP 3.5 per litre, while diesel and 80-octane increased to EGP 3.65 per litre from EGP 2.35 per litre.
