Egypt raises domestic fuel prices

Egypt has raised domestic fuel prices starting Friday, Official Gazette reported late on Thursday.

According to the report, the fuel prices will be 11.00 Egyptian pounds for the 80-octane pertol, 12.50 EGP for the 92-octane and 13.50 EGP for the 95-octane.

Meanwhile, diesel will be prices at 10.00 EGP, the Gazette added.

Egypt continues to grapple with a severe economic crisis, leaving its vast population of over 105 million in a state of uncertainty. Amidst this turmoil, the likelihood of yet another currency devaluation looms ominously on the horizon.

This anticipated move is expected to signify the fourth significant devaluation of the Egyptian pound since the beginning of 2022, potentially being the most substantial one to date. If executed effectively, it has the potential to alleviate the nation s most severe hard currency crisis in decades, drawing foreign investment into its $400 billion economy and preventing it from teetering on the edge of collapse.

With Reuters