{"id":547844,"date":"2022-07-17T03:57:23","date_gmt":"2022-07-17T03:57:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/"},"modified":"2022-07-17T03:57:23","modified_gmt":"2022-07-17T03:57:23","slug":"youre-going-to-pay-more-more-at-the-pumps-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/","title":{"rendered":"You\u2019re going to pay more more at the pumps, again"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The government raised the price of diesel last week for the first time in <\/strong><strong>years <\/strong>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 as hiked petrol prices by up to 10%, the Oil Ministry said in <a href=\"https:\/\/tinyurl.com\/5585nnwj\">a statement<\/a> on Wednesday. The new prices went into effect immediately and will remain unchanged until the beginning of 4Q.<\/p>\n<p><strong>Gasoline (petrol) prices also rose <\/strong>last Wednesday:<\/p>\n<ul>\n<li><strong>95-octane is EGP 10.75 per liter<\/strong>, up 10.3% from EGP 9.75;<\/li>\n<li><strong>92-octane is EGP 9.25 per liter<\/strong>, up 5.7% from EGP 8.75;<\/li>\n<li><strong>80-octane is EGP 8.00 per liter<\/strong>, up 6.6% from EGP 7.50.<\/li>\n<\/ul>\n<p><strong>Mazut fuel oil prices rose by 8.7% to EGP 5k per ton for all industries <\/strong>except food and electricity producers, who continue to be charged EGP 4.2k per ton.<\/p>\n<p><strong>This is the sixth consecutive quarter petrol prices have risen.<\/strong> The price at the pump is now up 23-28% since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5afe47b0-964c-4fa8-b9de-c0e71d2fc357\">last April<\/a>, depending on which grade you\u2019re putting in the tank.<\/p>\n<p><strong>Paying more for fuel = higher inflation:<\/strong> \u201cWe expect a higher impact on headline inflation from the implemented increase in prices given that the price of diesel, which is the main fuel used not only in the transportation of commodities, but also in the public and common transportation vehicles,\u201d Alia Mamdouh, director of macro and strategy at Beltone Financial, told us.<\/p>\n<p><strong>Public transport is going to cost more:<\/strong> The Local Development Ministry <a href=\"https:\/\/www.facebook.com\/MOLD.eg\/posts\/pfbid0pEjbxNmRCHSJqrCaeJUbVihpt8R33QEHSHv7hdmBjPMBB3fj7aG2bJBVGoyKf8bTl\">announced<\/a> Wednesday that public transport fares \u2014 including taxis, microbuses and buses \u2014 had increased by 5-7% across the country.<\/p>\n<p><strong>Gov\u2019t acts to curb surging subsidy bill:<\/strong> The state has been absorbing the extra cost of diesel after global fuel prices spiraled on the back of the Russia-Ukraine war \u2014 and was facing an annual diesel subsidy bill of EGP 63 bn, Prime Minister Moustafa Madbouly said in a televised address to explain the decision (<a href=\"https:\/\/www.youtube.com\/watch?v=40zGppnThxY\">watch, runtime: 31:27<\/a>). A liter of diesel has cost EGP 11 on average over the past three months, of which EGP 4.25 was subsidized by the government, costing it EGP 5.4 bn every month, Madbouly said. Following the hike, the state is now looking at a subsidy bill of EGP 55 bn, he said.<\/p>\n<p><strong>The story is getting plenty of ink abroad<\/strong>, especially from business-focused news services. See: <a href=\"https:\/\/www.reuters.com\/business\/energy\/egypt-subsidising-diesel-cost-nearly-3-billion-annually-pm-2022-07-14\/\">Reuters<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/07\/14\/egypts-pm-seeks-to-reassure-egyptians-after-increasing-fuel-prices\/\">The National<\/a>| <a href=\"https:\/\/apnews.com\/article\/inflation-russia-ukraine-africa-3ac4f814bc7afae413cab97eddcb20f5\">Associated Press<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 as hiked petrol prices by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":547845,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-fuel","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"59629508-f337-48ec-b80c-092a43eecb30","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/162.jpg","photo_position":"above","related_issue":[547838],"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>You\u2019re going to pay more more at the pumps, again - 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\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You\u2019re going to pay more more at the pumps, again\" \/>\n<meta property=\"og:description\" content=\"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 as hiked petrol prices by [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-17T03:57:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/162.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\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"You\u2019re going to pay more more at the pumps, again\",\"datePublished\":\"2022-07-17T03:57:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/\"},\"wordCount\":393,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/162.jpg?fit=%2C&ssl=1\",\"keywords\":[\"energy\",\"EnterpriseAM\",\"fuel\",\"inflation\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/\",\"name\":\"You\u2019re going to pay more more at the pumps, again - 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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":586115,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/govt-hikes-diesel-price-by-14-leaves-gasoline-prices-unchanged\/","url_meta":{"origin":547844,"position":1},"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":550301,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/no-quarterly-fuel-price-hike-for-the-first-time-in-18-months\/","url_meta":{"origin":547844,"position":2},"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":582146,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/fuel-prices-are-rising-7-11-today\/","url_meta":{"origin":547844,"position":3},"title":"Fuel prices are rising 7-11% today","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"Cost of mazut for most buyers will increase by 20%","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\/3\/gas-station-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543522,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/","url_meta":{"origin":547844,"position":4},"title":"Fuel prices rise by up to 3.5%","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"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\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\/2\/63.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":547844,"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\/547844","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=547844"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547844\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547845"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547844"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547844"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}