The Cabinet has denied the rumors surrounding fuel prices surge.

The Electricity Ministry is repricing electricity following the increase in fuel prices as a result of the EGP flotation.

South Africa’s Department of Energy announced that a liter of petrol 93 ULP and LRP will rise by $0.04 a liter, while a liter of 95 ULP and LRP will increase by $0.03.

Egypt's petroleum subsidies reached EGP 14b in the first quarter of currently fiscal year 2016/2017, which started in July. This came as a result that Brent is trading at a higher price than the $40/b used in state budget calculations.

'The International Monetary Fund (IMF) is a trap meant to drown Egypt in foreign loans and if Egypt accepts it, the country may soon declare bankruptcy,' said Ibrahim Zahran, a petroleum expert, in an exclusive interview with Egypt Oil&Gas.

During negotiations with the IMF, the Egyptian government confirms that no changes will occur to current fuel prices and other reform efforts.

Algeria has increased gasoline, diesel, gas and electricity prices in its 2016 budget to cope with a sharp fall in energy earnings and ahead of further austerity measures.

Egypt's government aims to increase the prices of petroleum products before fiscal year 2015/16, according to Al-Mal newspaper. The decision represents the second phase of the five-year plan for the gradual reduction of energy subsidies.

Nigerian President Goodluck Jonathan said on Monday petrol prices would be reduced to 97 naira ($0.60) a litre and labour unions agreed to suspend mass protests to allow further negotiations with the government.