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Egypt to reinstate quarterly fuel pricing mechanism from Q1 FY2026/27
via Egypt Today2 min read
Egypt will resume quarterly meetings of its fuel pricing committee in the first quarter of fiscal year 2026/27, according to Prime Minister Mostafa Madbouly. This marks the return of the country's automatic fuel pricing mechanism after a period of market volatility. The committee will convene between July and September to review fuel prices based on technical criteria and market indicators, determining whether petroleum product prices should be adjusted. Madbouly stated that the government had previously refrained from increasing fuel prices despite a sharp rise in global oil prices during a recent regional war, aiming to protect citizens from additional financial burdens. The government's 2025/26 budget was based on an average crude oil price of $75 per barrel, but prices climbed to $125 per barrel, while the Egyptian pound weakened to around 55 per US dollar. The Prime Minister emphasized the need to support the Egyptian General Petroleum Corporation in recovering costs absorbed due to the nearly 100% increase in global oil prices from pre-war levels, especially during the summer months when domestic fuel consumption peaks.
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This summary was AI-generated from a story originally published by Egypt Today.
Austria coach Ralf Rangnick stated that containing Spain's Lamine Yamal will be a primary focus for his team in their World Cup round of 32 match. Rangnick acknowledged Yamal's talent, describing him as an excellent player whom football fans enjoy watching, but emphasized the need to limit his opportunities and possession. Spain has managed Yamal's playing time since a hamstring injury in April, with the 18-year-old scoring once in 141 minutes across three group games. Despite Austria scoring six goals in the group stage, one more than Spain, Rangnick recognized the need for his side to elevate their performance against a Spanish team unbeaten in 34 matches since March 2023. Austria captain David Alaba also acknowledged Spain's attractive football and individual quality but expressed his team's determination to play offensively and seek success. Austria will be without defender Phillipp Mwene due to injury, but Rangnick remains confident in his team's ability to compete.
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