Egypt introduces price index for fuel linked to oil prices

CAIRO — Egypt has created a new automatic price index mechanism for 95-octane gasoline as part of a reform program aimed at reviving the country's economy.

The official Gazette has published a decision to establish a technical committee to review the pricing mechanism on 95-octane gasoline every three months this year. The move aims to link gasoline prices to global oil prices.

The state-run al-Ahram daily newspaper quoted Oil Ministry spokesman Hamdy Abdel-Aziz as saying that the new mechanism will start in April and that 92-octane and 80-octane gasoline will not be affected.

The move came as part of an economic reform program aimed at qualifying for a $12 billion bailout loan from the IMF, which Egypt secured in 2016.

Egypt raised fuel prices by up to 50 percent since 2014.

Must Read

The Latest: Rohingya rally outside Australian...

Sep 4, 2017

Around 300 protesters from Australia's Rohingya community rallied outside Parliament House and...

Fleeing Rohingya face hunger, little hope in...

Sep 8, 2017

Hundreds of thousands of Rohingya Muslims fleeing violence in Myanmar find little hope, constant...

As Rohingya flee Myanmar, leader Suu Kyi skips UN...

Sep 14, 2017

Facing global condemnation as Rohingya flee violence, Myanmar's leader Aung San Suu Kyi pulls out...

For Rohingya Muslim child refugees, too many...

Sep 22, 2017

Rohingya Muslim refugee children struggle with the traumas they've lived through and the loss of...

Bangladesh plans separate shelters for Rohingya...

Sep 26, 2017

Bangladesh says it is planning to build separate shelters for 6,000 Rohingya Muslim children who...

About Us

Get all the up-to-date breaking news about politics, business, entertainment, sports, lifestyles, weather, traffic, and local news in a seamless digital environment only in Morning Dispatcher.

Contact us: sales[at]morningdispatcher.com

Subscribe Now!

Quick Links

HomePress