{"id":543522,"date":"2022-02-06T04:00:24","date_gmt":"2022-02-06T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/"},"modified":"2022-02-06T04:00:24","modified_gmt":"2022-02-06T04:00:24","slug":"fuel-prices-rise-by-up-to-3-5","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/","title":{"rendered":"Fuel prices rise by up to 3.5%"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The government has hiked fuel prices for the fourth time in less than a year<\/strong> in response to rising oil prices. The fuel pricing committee decided to raise prices at the pump by another EGP 0.25 per liter for 95, 92 and 80 octane fuel at its latest meeting, the Oil Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/331185399051887\">said<\/a> Friday, meaning motorists will now be paying up to 3.5% more per liter for fuel.<\/p>\n<p><strong>As of now:<\/strong><\/p>\n<ul>\n<li>95-octane is EGP 9.50 per liter, up 2.7% from EGP 9.25;<\/li>\n<li>92-octane is EGP 8.50, up 3% from EGP 8.25;<\/li>\n<li>80-octane is EGP 7.25, up 3.5% from EGP 7.00.<\/li>\n<\/ul>\n<p><strong>The price for diesel remained unchanged at EGP 6.75 per liter<\/strong>, the ministry said.<\/p>\n<p><strong>Fuel prices have now ri<\/strong><strong>sen by 12-16%<\/strong><strong> since April last year<\/strong>, when the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5afe47b0-964c-4fa8-b9de-c0e71d2fc357\">first hiked prices<\/a> in response to an upswing in commodity prices. Additional EGP 0.25 increases came into effect in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf297186-02db-44bd-9f47-ac1b4e8b9a52\">July<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/390900ee-1b5c-47ff-89a3-2a7cc122897e\">October<\/a>.<\/p>\n<p><strong>These rates will remain fixed through to the end of 1Q<\/strong> when the committee next meets to set prices.<\/p>\n<p><strong>Oil prices hit seven-year highs last week: <\/strong>The price of international benchmark Brent crude hit <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-extends-gains-above-90bbl-winter-storm-sweeps-through-united-states-2022-02-04\/\">its highest level since October 2014<\/a> last week, reaching highs of USD 93.70 per barrel on Friday before closing at USD 93.27. Brent has now risen 20% since the start of the year amid ongoing supply issues and concerns about rising geopolitical tensions between the US and Russia, the world\u2019s second-largest oil exporter.<\/p>\n<p><strong>This is significantly higher than the benchmark price in the budget:<\/strong> The Finance Ministry expected the price of Brent to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f10ef3d-eec0-4f11-a112-c1dee1ee9780\">average USD 60 per barrel<\/a> during FY2021-2022, but the price has remained above this for almost a year.<\/p>\n<p><strong>A limited impact on inflation?<\/strong> \u201cWe do not expect much of an impact on headline inflation from the implemented increase in prices given that the price of diesel, which is the main fuel used in the transportation of commodities, remains unchanged,\u201d Alia Mamdouh, chief strategist at Beltone Financial, wrote in a note. Diesel prices have remained fixed since <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/07\/government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies\/\">July 2019<\/a> even as the price of other fuels has risen, \u201cto have a minimal impact on the prices of fuel and food,\u201d the committee said in its October statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has hiked fuel prices for the fourth time in less than a year in response to rising oil prices. The fuel pricing committee decided to raise prices at the pump by another EGP 0.25 per liter for 95, 92 and 80 octane fuel at its latest meeting, the Oil Ministry said Friday, meaning [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":543523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,819,182,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-fuel","tag-inflation","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"fee97989-84a3-4a9c-9ceb-ed67e0f1d174","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/63.jpg","photo_position":"above","related_issue":[543512],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fuel prices rise by up to 3.5% - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel prices rise by up to 3.5%\" \/>\n<meta property=\"og:description\" content=\"The government has hiked fuel prices for the fourth time in less than a year in response to rising oil prices. The fuel pricing committee decided to raise prices at the pump by another EGP 0.25 per liter for 95, 92 and 80 octane fuel at its latest meeting, the Oil Ministry said Friday, meaning [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-06T04:00:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/63.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Fuel prices rise by up to 3.5%\",\"datePublished\":\"2022-02-06T04:00:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/\"},\"wordCount\":350,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/63.jpg?fit=%2C&ssl=1\",\"keywords\":[\"energy\",\"EnterpriseAM\",\"fuel\",\"inflation\",\"oil and gas\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/\",\"name\":\"Fuel prices rise by up to 3.5% - 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This means that motorists will now pay an extra EGP 0.25 per liter for 95,\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550301,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/no-quarterly-fuel-price-hike-for-the-first-time-in-18-months\/","url_meta":{"origin":543522,"position":1},"title":"No quarterly fuel price hike for the first time in 18 months","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"A state committee left fuel prices unchanged at its latest quarterly meeting, defying expectations of another raise and ending a streak of six consecutive quarters of petrol price hikes, the Oil Ministry said in a statement yesterday. Fuel prices have seen a 23-28% hike since last April.A further price hike\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/299.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547844,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/","url_meta":{"origin":543522,"position":2},"title":"You\u2019re going to pay more more at the pumps, again","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"The government raised the price of diesel last week for the first time in years as it looks to reduce its subsidy bill amid rising global energy prices. In its latest quarterly meeting, the fuel pricing committee increased the price to EGP 7.25 per liter from EGP 6.75, as well\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/162.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019\/","url_meta":{"origin":543522,"position":3},"title":"We\u2019re going to pay more at the gas pump for the first time since 2019","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"The government raised fuel prices by 3-4% over the weekend following a rise in global oil prices during the first quarter, the Oil Ministry said in a statement. The hike \u2014 the first since July 2019 \u2014 means that motorists will now pay an extra EGP 0.25 per liter for\u2026","rel":"","context":"In &quot;FUEL PRICES&quot;","block_context":{"text":"FUEL PRICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/fuel-prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586115,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/govt-hikes-diesel-price-by-14-leaves-gasoline-prices-unchanged\/","url_meta":{"origin":543522,"position":4},"title":"Gov\u2019t hikes diesel price by 14%, leaves gasoline prices unchanged","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Hike to diesel prices could fuel more inflation","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593655,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypt-cuts-fuel-prices-for-first-time-since-2016\/","url_meta":{"origin":543522,"position":5},"title":"Egypt cuts fuel prices for first time since 2016","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Gov\u2019t cuts fuel prices for first time since 2016: The government has revised down prices for all grades of fuel by EGP 0.25 per liter on the back of lower average crude prices and a stronger EGP, the cabinet said in a statement. The committee in charge of setting prices\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/1986.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543522"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543522\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543523"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543522"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543522"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}