Egypt implements new petroleum and gas price increases

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Egypt implements new petroleum and gas price increases

Post by DJKeefy »

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.


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Re: Egypt implements new petroleum and gas price increases

Post by Dusak »

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.
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Re: Egypt implements new petroleum and gas price increases

Post by Major Thom »

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!!

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