Egypt increases fuel prices after devaluation

Egypt's oil ministry announced increases in prices of subsidised petroleum products as part of broader financial reformsFuel prices were to rise dramatically in Egypt on Friday after the central bank floated the currency to address a dollar crunch that has threatened to cause some imports to grind to a halt. The oil ministry announced the increases in prices of subsidised petroleum products late Thursday as part of broader financial reforms. The government of President Abdel Fattah al-Sisi is rolling out an austerity programme and seeking billions in support from abroad in order to meet conditions for a $12 billion loan from the International Monetary Fund.

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