Egypt’s business digest Nov. 4: Gov’t announces new prices of fuel after increase; Tobacco price not to be affected by EGP floating
Petrol station - YOUM7

CAIRO: No more browsing from site to site, view the top business news stories on Nov.4 here:

 

Gov’t announces new prices of fuel after increase

The government has announced new prices of the petroleum products after raising fuel prices starting from Friday.

  • Octane 80 will increase from 1.6 EGP to 2.35 EGP per litre.
  • Octane 92 will increase from 2.6 EGP to 3.5 EGP per litre.
  • Diesel will increase from 1.8 EGP to 2.35 EGP per litre.

 

USD exchange rate reaches 14.75 EGP

 

The USD exchange rate has reached 14.75 EGP for purchase against the Egyptian Pound, after it has been stable over the past weeks at 8.88 EGP.

The government has announced floating the Egyptian pound in a bid to flourish the economy and meet IMF’s requests.

The rate has reached 15.75 EGP for sale. Euro exchange rate reached 16.31 EGP for purchase and 17.51 EGP for sale.

 

Egypt can no longer afford stop-gap economic measures: PM

(REUTES): Prime Minister Sherif Ismail said on Friday that Egypt “no longer has the luxury” of being able to phase out subsidies over five years as planned, a day after the government raised fuel prices and the central bank floated the Egyptian pound.

Ismail told a news conference at which various changes to tariffs and subsidies were flagged that the government aims to cut a subsidy bill that currently totals 201 billion Egyptian pounds ($13.4 billion) a year to free up cash for other spending.

 

Tobacco price not to be affected by EGP floating

The decision to float the Egyptian pound will not affect the price of tobacco, said Ibrahim Imbaby, the head of the Smoke department at the Egyptian Federation of Industries.

 

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