Egypt implements new petroleum and gas price increases

Advice, information and discussion about Egypt in general.

Moderators: DJKeefy, 4u Network

User avatar
DJKeefy
Site Administrator
Site Administrator
Posts: 10783
Joined: Thu Jan 13, 2005 4:08 pm
Location: UK
Has thanked: 819 times
Been thanked: 1816 times
Gender:
Egypt

Egypt implements new petroleum and gas price increases

Post by DJKeefy » Sat Jun 16, 2018 5:59 pm

Fuel prices in Egypt were hiked on Saturday, the second day of the Eid Al-Fitr holiday, as Egypt continues to phase out energy subsidies in order to curb the growing state budget deficit.

The petroleum ministry announced in a statement on Saturday that new fuel prices per litre will be implemented as follows:

80 octane gasoline - Old price 3.65LE - New price 5.50LE - Increase of 52,7%

92 octane gasoline - Old price 5LE - New price 6.75LE - Increase of 35%

95 octane gasoline - Old price 6.5LE - New price 7.75LE - Increase of 19%


Saturday's fuel price increases were widely anticipated as part of Egypt’s loan agreement with the International Monetary Fund, and represent a third rise since the government floated the Egyptian pound in November 2016.

Petroleum Minister Tarek El-Molla said price hike will help Egypt to save up to 50 billion EGP from funds allocated for state subsidies in the 2018-19 budget.

Increases also affect the price of cooking gas cylinders, used mostly by lower income Egyptians, which increased by 66 percent, from 30LE to 50LE per cylinder. This leaves a subsidy of 71 percent still in place for domestic consumption, representing 125LE per cylinder after Saturday's increase.

Cooking gas cylinders for commercial use increased by 50 percent, from 50LE to 100LE per cylinder. A subsidy of 33 percent remains in place after the increase, representing 49.4LE per cylinder sold.

Petroleum Minister Tarek El-Molla has said that the total subsidies for petroleum products in the current fiscal year 2017-18 are set to fall from 145 billion EGP to 110 billion EGP.

Last year, the government embarked on an ambitious economic reform programme as part of a three-year agreement with the IMF. The programme includes lifting subsidies, raising taxes and loosening capital controls.


Image

User avatar
Dusak
Egyptian Pharaoh
Egyptian Pharaoh
Posts: 5875
Joined: Sun May 11, 2008 2:29 pm
Location: LUXOR
Has thanked: 5895 times
Been thanked: 7332 times
Gender:
Thailand

Re: Egypt implements new petroleum and gas price increases

Post by Dusak » Sat Jun 16, 2018 7:13 pm

The price of gas has been 50Le for at least a year, not only paid by me, but Egyptians I know, so it will be interesting to see what the street price will be in a couple of months. These fuel price increases will cause a lot more hardship, food costs will rise as will everything else as a result that relies on transportation. Local bus fares will rise, and a lot more taxis will leave the streets. Wonder if aviation fuel is affected, leading to increase costs of air travel.
Life is your's to do with as you wish- do not let other's try to control it for you. Count Dusak- 1345.

User avatar
Major Thom
Royal V.I.P
Royal V.I.P
Posts: 2662
Joined: Mon Mar 30, 2015 5:45 am
Has thanked: 266 times
Been thanked: 539 times
Gender:
Cyprus

Re: Egypt implements new petroleum and gas price increases

Post by Major Thom » Mon Jun 18, 2018 3:30 am

What about the village consortium's where they pay quite a bit less, for gas or do you not get these on the East Bank?

Look at the percentage increases, they are disgusting!!

  • Similar Topics
    Replies
    Views
    Last post
  • Egypt Increases Tax On Cigarettes By 50 Percent
    by HEPZIBAH » Sun Feb 22, 2015 10:21 pm » in Know Egypt
    22 Replies
    1088 Views
    Last post by Dusak
    Sat Feb 28, 2015 5:46 am
  • Egypt increases cost of water by up to 50%
    by DJKeefy » Thu Aug 03, 2017 2:08 pm » in Know Egypt
    0 Replies
    55 Views
    Last post by DJKeefy
    Thu Aug 03, 2017 2:08 pm
  • Egypt price controls not being implemented
    by DJKeefy » Fri Oct 04, 2013 9:19 am » in Know Egypt
    6 Replies
    413 Views
    Last post by Hafiz
    Mon Oct 14, 2013 9:11 am
  • Egypt will pay a big price for shunning its ancient history
    by DJKeefy » Sat Jun 30, 2018 1:05 am » in History and Archaeology
    1 Replies
    155 Views
    Last post by Dusak
    Sat Jun 30, 2018 6:22 am
  • Morsi's Brotherhood may pay price for Egypt currency fall
    by DJKeefy » Thu Jan 03, 2013 1:01 pm » in Know Egypt
    6 Replies
    473 Views
    Last post by Chocolate Eclair
    Wed Jan 09, 2013 12:17 am