Egypt PM: Govt. to increase fuel prices over 18 months

Egypt’s government will gradually increase fuel prices over the next 18 months, Prime Minister Moustafa Madbouly said on Wednesday. The decision is part of a broader economic plan to address outstanding debts to foreign partners.

During a press conference, Prime Minister Madbouly also provided updates on other pressing issues.

The prime minister emphasised the government’s commitment to transparency, urging ministers to provide detailed monthly reports on their progress. He also dismissed rumours about delaying negotiations with the International Monetary Fund (IMF) as attempts to undermine Egypt’s economy.

He also affirmed rescheduling dues of foreign companies including oil and gas firms to help them resume development of the oil and gas fields in their concessions so that they can increase production levels.

Attribution: Press Conference