{"id":545901,"date":"2022-04-17T04:12:49","date_gmt":"2022-04-17T04:12:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/"},"modified":"2022-04-17T04:12:49","modified_gmt":"2022-04-17T04:12:49","slug":"were-paying-more-at-the-pumps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/","title":{"rendered":"We\u2019re paying more at the pumps"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The government raised fuel prices by c. 3% over the weekend<\/strong> amid a rise in global oil prices on the back of Russia\u2019s invasion of Ukraine. In its latest quarterly meeting, the fuel pricing committee decided to raise prices at the pumps by another EGP 0.25 per liter for 95, 92 and 80 octane fuel for 2Q 2022, the Oil Ministry said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381245940712499\">statement.<\/a><\/p>\n<p>As of Friday:<\/p>\n<ul>\n<li><strong>95-octane is EGP 9.75 <\/strong>per liter, up 2.6% from EGP 9.50;<\/li>\n<li><strong>92-octane is EGP 8.75<\/strong>, up 2.9% from EGP 8.50;<\/li>\n<li><strong>80-octane is EGP 7.50<\/strong>, up 3.4% from EGP 7.25<\/li>\n<li><strong>Diesel is unchanged <\/strong>at EGP 6.75.<\/li>\n<\/ul>\n<p><strong>Mazut fuel oil prices rose <\/strong><strong>9.5%<\/strong><strong> to EGP 4.6k per tonne for all industries<\/strong> except food and electricity producers, which will continue to purchase a tonne of the fuel for EGP 4.2k.<\/p>\n<p><strong>This is the fifth consecutive price hike: <\/strong>Fuel prices have now risen by 15-20% since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5afe47b0-964c-4fa8-b9de-c0e71d2fc357\">April<\/a> last year, when the government first hiked prices 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>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/390900ee-1b5c-47ff-89a3-2a7cc122897e\">October<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee97989-84a3-4a9c-9ceb-ed67e0f1d174\">February<\/a>.<\/p>\n<p><strong>These rates will remain fixed through to the end of 2Q 2022<\/strong>, when the committee next meets to set prices.<\/p>\n<p><strong>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, Beltone Financial\u2019s head of macro research, wrote in a note Thursday.<\/p>\n<p><strong>Global oil prices have been climbing this year:<\/strong> The price of Brent surged almost 40% during 1Q 2022 as Russia\u2019s invasion of Ukraine shocked global markets. Analysts are expecting Brent to remain above USD 100 a barrel for the remainder of this calendar year as the spillover effects from the Ukraine conflict continue to weigh on an already tight market. In its <a href=\"https:\/\/www.fxstreet.com\/news\/goldman-sachs-slashes-its-brent-price-forecast-on-bidens-oil-reserve-release-202204010220\">latest forecast,<\/a> Goldman Sachs lowered its Brent projections by USD 15 to USD 120 per barrel through 2H 2022 and currently expects prices to average USD 110 in 2023.<\/p>\n<p><strong>And oil markets could soon be heading towards a major supply crisis, says IEA<\/strong>: Sanctions imposed on Russia over the past several weeks <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a6f4c47-2df0-425f-8914-154120e7e56f\">could trigger<\/a> the \u201cbiggest supply crisis in decades\u201d for global energy markets, according to the International Energy Agency\u2019s (IEA) March oil market report. Russia is the largest oil and products exporter in the world, and sanctions are expected to push down Russia\u2019s oil output by some 3 mn barrels per day this month as buyers shy away from the oil Moscow produces, the IEA said.<\/p>\n<p><strong>The news is getting some international ink\\:<\/strong> <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-egypt-africa-prices-eff5d64867f6cdac29ffb6f62403f50b\">Associated Press<\/a>.<\/p>\n<p style='font-size: 18px;font-weight: bold' >IN OTHER ENERGY NEWS<\/p>\n<p><strong>Alternative fuels could soon need to account for at least 15% of cement factories\u2019 <\/strong><strong>energy <\/strong><strong>consumption<\/strong> under a proposal being studied by the Environment Ministry, Waste Management Regulatory Authority Deputy Head Yasser Mahgoub told Enterprise. The government currently <a href=\"https:\/\/ent.news\/2022\/4\/Environment-Ministry-RDF-requirements.pdf\">requires (pdf)<\/a> cement factories to use refuse-derived fuel (RDF, or energy made from waste) for at least 10% of their total energy consumption. The new rule would be enforced by the Environmental Affairs Agency on all cement factories that use coal as a primary fuel, Environment Minister Yasmine Fouad told <a href=\"https:\/\/bit.ly\/3jwOJGO\">Al Mal<\/a> last week.<\/p>\n<p><strong>Coal is the main source of fuel used by cement companies in Egypt<\/strong>. As one of the most-polluting industries, cement manufacturing has been under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc37442b-32f1-4ca1-a13e-0ff7cf5f4515\">pressure to decarbonize<\/a> by phasing out coal-based heating processes for alternative fuels.<\/p>\n<p><strong>And it\u2019s getting more expensive:<\/strong> Though most cement companies have reverted to coal in response to the lifting of fuel subsidies since 2016, <a href=\"https:\/\/www.nytimes.com\/2022\/03\/15\/business\/coal-prices-russia.html\">surging global coal prices<\/a> caused by the Ukraine war are making it an increasingly unaffordable source of energy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government raised fuel prices by c. 3% over the weekend amid a rise in global oil prices on the back of Russia\u2019s invasion of Ukraine. In its latest quarterly meeting, the fuel pricing committee decided to raise prices at the pumps by another EGP 0.25 per liter for 95, 92 and 80 octane fuel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":545902,"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":[1002,1141,93,72,7125,819,246,182,91,1727],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-cement","tag-coal","tag-energy","tag-enterpriseam","tag-environment","tag-fuel","tag-green-economy","tag-inflation","tag-oil-and-gas","tag-rdf","wpautop","entry"],"acf":{"mongo_id":"9aaaa681-2b1d-4712-b895-3c5d9795c8ce","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/285.jpg","photo_position":"above","related_issue":[545895],"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>We\u2019re paying more at the pumps - 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\/04\/17\/were-paying-more-at-the-pumps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re paying more at the pumps\" \/>\n<meta property=\"og:description\" content=\"The government raised fuel prices by c. 3% over the weekend amid a rise in global oil prices on the back of Russia\u2019s invasion of Ukraine. In its latest quarterly meeting, the fuel pricing committee decided to raise prices at the pumps by another EGP 0.25 per liter for 95, 92 and 80 octane fuel [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-17T04:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/285.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"We\u2019re paying more at the pumps\",\"datePublished\":\"2022-04-17T04:12:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/\"},\"wordCount\":595,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/285.jpg?fit=%2C&ssl=1\",\"keywords\":[\"cement\",\"coal\",\"energy\",\"EnterpriseAM\",\"environment\",\"fuel\",\"Green Economy\",\"inflation\",\"oil and gas\",\"RDF\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/\",\"name\":\"We\u2019re paying more at the pumps - 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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":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":545901,"position":1},"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":547844,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/","url_meta":{"origin":545901,"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":596721,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies\/","url_meta":{"origin":545901,"position":3},"title":"Government raises fuel prices, phasing out remaining fuel subsidies","author":"enterpriseam admin","date":"7 July 2019","format":false,"excerpt":"Government raises fuel prices, phasing out remaining fuel subsidies: The government raised fuel prices by between 16% and 30% over the weekend as it introduced the latest round of fuel subsidy cuts, the Oil Ministry announced in a statement. The price of 95 and 92-octane rose by 16% and 18.5%,\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\/5\/757.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572812,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/govt-keeps-fuel-prices-on-hold-across-the-board\/","url_meta":{"origin":545901,"position":4},"title":"Gov\u2019t keeps fuel prices on hold across the board","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"The government\u2019s fuel pricing committee left the price of all fuel grades unchanged during its quarterly meeting this week, according to an cabinet statement on Wednesday. The price of 95-octane remains EGP 8.50 per liter, 92-octane is EGP 7.50 per liter, and 80-octane is EGP 6.25 per liter. Gas oil\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\/2020\/7\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575279,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/fuel-prices-to-remain-unchanged-till-end-of-2020\/","url_meta":{"origin":545901,"position":5},"title":"Fuel prices to remain unchanged till end of 2020","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"The government\u2019s fuel pricing committee decided to leave fuel prices unchanged for the remainder of 2020, according to a cabinet statement. The decision, made at the committee\u2019s final quarterly meeting of the year, leaves 95-octane at EGP 8.50 per liter, 92-octane at EGP 7.50, and 80-octane at EGP 6.25. Diesel\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\/2020\/10\/89.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\/545901","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=545901"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545901\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545902"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545901"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545901"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}