{"id":561869,"date":"2021-04-25T04:00:37","date_gmt":"2021-04-25T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019\/"},"modified":"2021-04-25T04:00:37","modified_gmt":"2021-04-25T04:00:37","slug":"were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019\/","title":{"rendered":"We\u2019re going to pay more at the gas pump for the first time since 2019"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The government raised fuel prices by 3-4% over the weekend<\/strong> following a rise in global oil prices during the first quarter, the Oil Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/photos\/a.825570437621323\/1912704478907908\/\">a statement<\/a>. The hike \u2014 the first since <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/07\/government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies\/\">July 2019<\/a> \u2014 means that motorists will now pay an extra EGP 0.25 per liter for 95, 92 and 80 octane fuel. As of Friday:<\/p>\n<ul>\n<li><strong>95 octane<\/strong> has risen <strong>3% to EGP 8.75 per liter<\/strong>, up from EGP 8.50;<\/li>\n<li><strong>92 octane <\/strong>has risen by <strong>3.3% to EGP 7.75<\/strong>, from EGP 7.50;<\/li>\n<li><strong>80 octane <\/strong>has risen by <strong>4% to EGP 6.50<\/strong>, from EGP 6.25.<\/li>\n<\/ul>\n<p><strong>Prices of mazut fuel oil for use in factories will remain fixed at EGP 3.9k per tonne, while diesel prices will also stay put at EGP 6.75 per liter<\/strong>, the ministry said.<\/p>\n<p><strong>These rates will remain in effect throughout 2Q2021<\/strong> and are subject to change when the fuel pricing committee next convenes at the end of June to decide on rates for the third quarter. Fuel prices had remained unchanged over the past year after being lowered in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fe48ff8-9e18-473d-a0b4-b14d60ee993a\">April 2020<\/a>.<\/p>\n<p><strong>Why the move?<\/strong> The price increase aims to mitigate pressures on the state budget as global oil prices inch up, unnamed sources at the ministry told the local press. The state coffers could face additional costs worth USD 10 bn if global oil prices continue to stand at USD 65 per barrel, which is USD 5 above the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0557143-d132-4f80-a888-edd3c67085c5\">USD 61 average price<\/a> assumed in the state budget.<\/p>\n<p><strong>This comes as the government moves towards a complete elimination of fuel subsidies:<\/strong> Egypt has been gradually phasing out fuel subsidies <a href=\"https:\/\/enterprise.press\/stories\/2016\/11\/04\/breaking-news-egypt-to-cut-fuel-subsidies-raise-price-of-petrol-at-the-pumps\/\">since 2016<\/a> as part of the IMF-backed economic reform program. The collapse in global oil prices last year helped subsidy expenditure to plunge <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cebea648-44f4-4769-9c64-352f55716a8d\">77% in FY2019-2020<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5155a79-3981-4cfc-a4ce-4edb9ab7f2c9\">45%<\/a> during 1H FY2020-2021 to EGP 8.4 bn, putting the government on track to beat its EGP 28.2 bn spending target this fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 95, 92 and 80 octane [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561870,"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":[10004],"tags":[93,72,819,3961,272,91,371,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fuel-prices","tag-energy","tag-enterpriseam","tag-fuel","tag-fuel-prices","tag-imf","tag-oil-and-gas","tag-oil-ministry","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"5afe47b0-964c-4fa8-b9de-c0e71d2fc357","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/249.jpg","photo_position":"above","related_issue":[561858],"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 going to pay more at the gas pump for the first time since 2019 - 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\/2021\/04\/25\/were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re going to pay more at the gas pump for the first time since 2019\" \/>\n<meta property=\"og:description\" content=\"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. 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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":543522,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/","url_meta":{"origin":561869,"position":1},"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":582146,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/fuel-prices-are-rising-7-11-today\/","url_meta":{"origin":561869,"position":2},"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":593655,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypt-cuts-fuel-prices-for-first-time-since-2016\/","url_meta":{"origin":561869,"position":3},"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":[]},{"id":547844,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/","url_meta":{"origin":561869,"position":4},"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":586115,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/govt-hikes-diesel-price-by-14-leaves-gasoline-prices-unchanged\/","url_meta":{"origin":561869,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561869","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=561869"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561869\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561870"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561869"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561869"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}