Egypt plans to announce its pricing mechanism for 95-octane benzene by the end of December 2018, to start linking the product to international prices in March 2019, a senior Egyptian official told Bloomberg.

The government will announce mechanisms to float prices for other benzene products in June 2019.

Egypt’s mechanism to link fuel prices to international ones comes in line with the international monetary fund (IMF) loan agreement, and aims to cut costs.

Egypt expects receiving the fifth tranche of the $12 billion loan in January 2019, a month later than planned due to delays in talks over several elements of Egypt’s economic program, including the timing of the pricing mechanism, the official noted.