Cairo – Mubasher: Egypt plans to introduce an automatic price indexation mechanism on 95 octane gasoline as of 1 April in order to limit price changes to 10%, petroleum minister Tarek El Molla said.
El Molla stressed that this does not indicate an increase in price during the second quarter of 2019, Reuters reported.
“The price may fall or rise or stabilise at its current rate,” he said.
In June 2018, the Egyptian government had raised fuel prices by up to 50% under the International Monetary Fund (IMF) programme.
Egypt reached an agreement with the IMF in August 2016 to obtain a $12 billion loan of over three years.
