Petrol crisis continues in Luxor

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Petrol crisis continues in Luxor

Post by DJKeefy » Sat Aug 18, 2012 8:59 am

Though the Ministers keep saying the fuel situation has finished on many occasions, this is not true of Luxor, just one scene yesterday from the petrol station on the right heading towards the airport. All others I passed were just closed.


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Re: Petrol crisis continues in Luxor

Post by Robbo70 » Sat Aug 18, 2012 9:56 am

Same at the station on the left just past the Movenpick, heading towards Todd. Apparently they were all queuing for deisel though not benzine. by the looks of your photo it was also a deisel queue. All the others from town to Todd were also closed
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Re: Petrol crisis continues in Luxor

Post by Chocolate Eclair » Sun Aug 19, 2012 8:06 am

Yes it appears to be a diesel problem more than Benzine, those running out and cannot buy Benzine, are the ones that use the cheap benzine, 99% of people, I have never found it difficult to get the high octane benzine, and you do get more miles to the gallon, sory more kilometres to the litre.

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Re: Petrol crisis continues in Luxor

Post by hatusu » Sun Aug 19, 2012 9:55 am

The same on the West Bank yesterday morning - queues from the benzine station on the main road as far as I could see going towards the old ferry.

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Re: Petrol crisis continues in Luxor

Post by DJKeefy » Sun Aug 19, 2012 6:22 pm

Chocolate Eclair wrote:Yes it appears to be a diesel problem more than Benzine, those running out and cannot buy Benzine, are the ones that use the cheap benzine, 99% of people, I have never found it difficult to get the high octane benzine, and you do get more miles to the gallon, sory more kilometres to the litre.
That's wrong CE, unless they are getting a special stash of Benzine at the West Bank, I would say the situation is the same for all kinds of fuel here on the East Bank. I use 90 or 92, but in the current situation I will use 80 if that's all they have.
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Re: Petrol crisis continues in Luxor

Post by HEPZIBAH » Sun Aug 19, 2012 6:49 pm

Let's hope Egypt doesn't suddenly have a huge price increase on fuel too. On the news on Friday in the UK they said that petrol was expected to reach £1-40 + per Liter at the pumps by the end of the month!
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Re: Petrol crisis continues in Luxor

Post by Chocolate Eclair » Mon Aug 20, 2012 7:30 am

Keefy, never had a problem getting 92 on the West Bank at all, so dont know then what the score is, of course you can always buy it on the West Bank on the Black Market too at 70le for 10 litres, unscruppulous B------s

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Re: Petrol crisis continues in Luxor

Post by LivinginLuxor » Mon Aug 20, 2012 9:25 am

The price could definitely rise in the next few months as the government is trying to work out how to reduce the vast subsidies that seem to be ruining the budget here. The problem is how to differentiate between those who can easily afford the higher price and those who can't. The same goes for basic staple food, electricity and gas.
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Re: Petrol crisis continues in Luxor

Post by Chocolate Eclair » Mon Aug 20, 2012 4:44 pm

It may come to a means test eventually, but done properly, if you have property in the tourist industry you can sell it and afford, if you have nothing not even a bank balance then you can have a means tested certificate, eventually all will be able to get Chinese Fake ones ha ha!!! I have a feeling there are going to be big problems ahead, especially if the Tourist season this year fails, and indications are it is going to. Not Egypts fault, just the financial situation around the world.

My own feelings are to attract industries and provide regular and proper jobs that bring in proper money for those that will work. The recent 18 months must surely prove that the Tourist Industry is not reliable, and is very fickle. It took 3 years to get Luxor back to normal after the Hatchepsute Temple Incident and that was a one off, not something that that went on for ages. No one even seems to know when the next elections for the Government are to be held!

I also think its going to take some explaining as to where the money has gone over the past years, the amount of money that has gone through Luxor's books does not reflect the state of the City. But it appears to have gone and there is no point in crying over spilt milk, its going to take a lot of dedication and hard work to get Luxor back to normal, it will also take tough decissions by the Government, we in the UK had it drummed into us once, "If its not hurting, its not working" I think this eventually will be the thing to come here.

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Re: Petrol crisis continues in Luxor

Post by Who2 » Mon Aug 20, 2012 7:26 pm

The MB should seize all the empty flats, apartments, villas and new cities that are unoccupied rehouse the locals pay a going price in 2 years to the owners that would solve any problems with houses there are thousands upon thousands of non salable properties all over Egypt there must 1O, OOO empty flats on the mountain of Muqattam over looking Cairo.
Having done that,then the fun starts.
No-one from outside of this country will buy here unless their stupid or unless someone with a brain invents time-share here, they will all eventually fall down. Property developers ? yeh right..:cool:
Not easy trying to run a country I bet...
PSS; on the luxor money front ? we used to get a new corniche every year it was payola...
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Re: Petrol crisis continues in Luxor

Post by Robbo70 » Thu Aug 23, 2012 3:45 pm

Have just filled up at the station on the way to the airport. 2.5LE a litre so the price is well up on the 0.80LE we used to pay before the crisis started. Omar was not happy at paying 22 for a tank untill i reminded him i put the equivilent of 1000LE in my jeep in the uk just before we flew back here :lol:
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Re: Petrol crisis continues in Luxor

Post by DJKeefy » Thu Aug 23, 2012 4:52 pm

Robbo70 wrote:Have just filled up at the station on the way to the airport. 2.5LE a litre so the price is well up on the 0.80LE we used to pay before the crisis started. Omar was not happy at paying 22 for a tank untill i reminded him i put the equivilent of 1000LE in my jeep in the uk just before we flew back here :lol:
It depends which fuel you got though:

Prices (June 2012)

One litre of:
Octane 80 for LE 0.90
Octane 90 for LE 1.75
Octane 92 for LE 1.85
Octane 95 for LE 2.75
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Re: Petrol crisis continues in Luxor

Post by BBLUX » Thu Aug 23, 2012 9:49 pm

I actually bought some 95 once while at El Gouna last year. Just as a treat for the car as it had spent most of the summer running on 90 which was all that we could get then. 2.75Le per litre!!
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Re: Petrol crisis continues in Luxor

Post by Robbo70 » Thu Aug 23, 2012 11:45 pm

We got 80 today and it was 2.5 a litre. Omar was deffinately not a happy bunny :lol:
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Re: Petrol crisis continues in Luxor

Post by Winged Isis » Fri Aug 24, 2012 9:17 am

Egypt struggles to buy fuel as credit dries up
Reuters
Thu, 23/08/2012 - 17:55

LONDON/CAIRO — Egypt is finding it increasingly difficult to import fuel as foreign banks and traders pull the plug on credit and charge high premiums due to concerns over its financial and political stability, trading and banking sources said.

Sporadic international loans have so far helped, and the country requested up to US$4.8 billion from the International Monetary Fund (IMF) on Wednesday, but without such ad-hoc interventions, Egypt could quickly end up like debt-stricken Greece, dependent on a narrow pool of traders charging richly for supplies.

That could put a dangerous strain on Egypt's finances, which are already under pressure from high fuel subsidies it can ill afford to maintain but dare not cut in the precarious first months of new Islamist President Mohamed Morsy’s tenure.

Since the election of Morsy in June this year following the overthrow of former President Hosni Mubarak in 2011, the number of suppliers has shrunk as oil traders are struggling to secure letters of credit from banks.

"As soon as they changed the president, banks raised the costs of letters of credit involving EGPC," one trader involved in supplying Egypt said, referring to Egyptian General Petroleum Corporation.

A spokesperson for Egypt's oil ministry declined to comment and asked for queries to be directed to EGPC. No one at EGPC was available for official comment on Wednesday and Thursday.

Morsy took the world aback when he dismissed top generals earlier this month, raising fears that the army, from which all Egypt's presidents had come for six decades after ousting the monarchy, might retaliate, though they have so far raised no challenge.

In the strongest evidence to date of rising fuel import difficulties, traders said Egypt had to cancel a tender to buy crude earlier this month after receiving no bids, and also had to scrap parts of a gasoline import tender because the prices on offer were too high.

"The costs that banks apply to any transaction involving EGPC are now double that of a normal transaction," another trader said. Some tenders have been relaunched with new terms.

An official at EGPC, who declined to be named because he is not allowed to speak to the press, confirmed that some tenders had been delayed for a few days but declined to discuss reasons and details.

Egypt has already been struggling to maintain its massive oil subsidies since the revolution last year, as oil prices soared. The subsidies ballooned by 40 percent to almost $16 billion for the year ended 30 June, about a fifth of its entire budget.

Egypt's economy grew 2 percent in the 2011/12 financial year, down from 5 percent or more in previous years, as the revolution frightened away tourists and foreign investors and sparked a wave of strikes.

Cutting fuel subsidies would be a hard policy to swallow for Egyptians expecting a higher quality of life since the end of the authoritarian Mubarak's 30-year reign.

Lack of trust

Problems began building in May, when Egypt struggled to obtain timely letters of credit from major banks, which guarantee that a buyer's payment to a seller will be received on time and in full. As a result, traders delayed discharging tankers.

Since last year, Egypt has tried to do deals on a higher risk and more expensive open credit basis, usually given to a buyer without security.

But many traders were left in financial difficulties when state oil company EGPC took many months longer than expected to pay the bills, several traders said.

EGPC remains behind on payments. One trader said his company was owed demurrage — the charges paid by a charterer for keeping a vessel longer than the agreed unloading period — as a result of the shipping backlog in May. Vivo, a downstream branch of trading major Vitol, is also believed to be owed a large sum for fuels, another trader said. Vitol declined to comment.

EGPC's latest attempt to go back to open credit failed.

The company was forced to cancel a recent crude oil tender after facing resistance to the terms and has reissued the tender with the promise of a letter of credit.

"I would be very surprised if any company would deliver on open credit these days after the experience of the last 12 months," one fuel supplier said.

Another trader said his company had to stop taking part in EGPC tenders as European banks would not supply the credit.

Major trading houses Vitol and Glencore remain consistent diesel suppliers because of their deep pockets and their willingness to take risk.

"They use their own cash and they don't need credit lines from banks to finance their cargoes. So this could be one of the ways to exist," said one trader.

The development mirrors the situation in Greece, which also survives on oil from the same traders.

Risk on your shoulders

While the banks are still financing Egypt, rules are becoming more stringent.

Though EGPC still gets letters of credit from banks, the trader needs to have access to confirmation lines with a first class European bank.

"These are very limited now unless you are taking the Egyptian risk on your own shoulders," one trader said.

"The complication comes from some offshore banks when they open letters of credit and they reduce the credit period from the usual seven days to three days, and in some cases against cash," said a source from a Cairo-based global bank.

Traders noted that recent influxes of cash into Egypt have eased some worries.

Saudi-based Islamic Development Bank (IDB) provided $1 billion to finance energy and food imports in July, while Qatar lent $2 billion last week.

The latest version of the revived crude tender offers a letter of credit, but only from Egypt's national bank, which are not acceptable to most traders.

The rest will have to decide whether to take the risk.

"People are just going ahead on gut feeling," one of the traders said.


http://www.egyptindependent.com/news/eg ... edit-dries
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Re: Petrol crisis continues in Luxor Supermarket Delivery af

Post by Georgiaturkiye » Tue Aug 28, 2012 7:29 am

Does this petrol crisis mean that Kzerman is not using their shopping service from East to West Bank? I had this problem in April/May and it was a real pain......... :(

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Re: Petrol crisis continues in Luxor

Post by DJKeefy » Tue Aug 28, 2012 9:05 am

Ive no idea, it might be and on and off service providing the can get fuel.

Last night 3 stations in in Luxor had fuel (only 90 and 92 though) it seems like you have to still queue and wait for diesel though (which could be an whole day/night).
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