{"id":582146,"date":"2023-03-02T00:00:00","date_gmt":"2023-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/fuel-prices-are-rising-7-11-today\/"},"modified":"2023-03-02T00:00:00","modified_gmt":"2023-03-02T00:00:00","slug":"fuel-prices-are-rising-7-11-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/fuel-prices-are-rising-7-11-today\/","title":{"rendered":"Fuel prices are rising 7-11% today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Fuel prices have risen<\/span><span style=\"font-weight:700\"> by as<\/span><span style=\"font-weight:700\"> much as 11% following a decision by the <\/span><span style=\"font-weight:700\">government\u2019s fuel pricing committee<\/span><span style=\"\"> that will drive inflation up in an economy already struggling with soaring prices. In <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Dmt3bdbYo4b4FpFgnEvs2kUsWNgYsU5DBNYVhpvLPxAqk8vZjtfwbY7Rw4bmZovyl\" style=\"\">a statement<\/a><\/span><span style=\"\"> in the early hours of the morning, the Oil Ministry <\/span><span style=\"\">said<\/span><span style=\"font-weight:400;\"> that as of today petrol prices will rise by 7-11% and the cost of mazut for most buyers will increase by 20%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Gasoline (petrol) prices as of today: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">95-octane is EGP 11.50 per liter<\/span><span style=\"font-weight:400;\">, up 7% from the previous EGP 10.75. <\/span><\/li>\n<li><span style=\"font-weight:700\">92-octane is EGP 10.25 per liter<\/span><span style=\"font-weight:400;\">, up 10.8% from the previous EGP 9.25. <\/span><\/li>\n<li><span style=\"font-weight:700\">80-octane is EGP 8.75 per liter<\/span><span style=\"font-weight:400;\">, up 9.4% from the previous EGP 8.00. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Mazut (fuel oil) prices are <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/23\/no-quarterly-fuel-price-hike-for-the-first-time-in-18-months-84733\/\" style=\"\">rising 20%<\/a><\/span><span style=\"font-weight:700\"> to EGP 6k per ton<\/span><span style=\"\"> for all buyers except food and <\/span><span style=\"\">electricity producers, <\/span><span style=\"\">who will continue to be charged<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again-75692\/\" style=\"\">EGP 4.2k<\/a><\/span><span style=\"\">. <\/span><span style=\"\">Diesel prices will remain unchanged at EGP 7.25 per liter, with the fuel pricing committee maintaining diesel prices for a second consecutive time after an unexpected <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again-75692\/\" style=\"\">hike last July<\/a><\/span><span style=\"\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The rationale: <\/span><span style=\"\">The increase comes on the back of \u201cfluctuations in Brent crude oil prices and the <\/span><span style=\"font-weight:400;\">EGP\u2019s exchange rate [devaluation] against the greenback,\u201d the ministry said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This was expected:<\/span><span style=\"\"> The government has committed to changing local fuel prices in line with <\/span><span style=\"\">movements in the global markets under its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/imf-breaks-down-the-details-on-our-usd-3-bn-loan-93298\/\" style=\"\">USD 3 bn loan agreement<\/a><\/span><span style=\"font-weight:400;\"> with the IMF.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Same again next month?<\/span><span style=\"\"> The new prices will be in place at least until the beginning of next <\/span><span style=\"font-weight:400;\">month when the pricing committee should meet to decide prices for 2Q. The committee was supposed to meet at the beginning of January to set prices for 1Q.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Inflation is already running red-hot:<\/span><span style=\"\"> The headline rate of inflation hit its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/12\/food-prices-hit-record-high-on-january-devaluation-96498\/\" style=\"\">highest level since<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/12\/food-prices-hit-record-high-on-january-devaluation-96498\/\" style=\"\">November 2017<\/a><\/span><span style=\"font-weight:400;\"> in January as the impact of the EGP devaluation caused food prices to accelerate at a record rate. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The subsidy bill has risen significantly:<\/span><span style=\"\"> The government\u2019s fuel subsidy bill <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/this-morning-whats-it-going-to-take-to-unlock-gulf-investments-in-egypt-97848\/\" style=\"\">reportedly<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/this-morning-whats-it-going-to-take-to-unlock-gulf-investments-in-egypt-97848\/\" style=\"\">quadrupled<\/a><\/span><span style=\"\"> in the first six months of the fiscal year due to the EGP\u2019s devaluation against the USD and higher oil prices.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cost of mazut for most buyers will increase by 20%<\/p>\n","protected":false},"author":1,"featured_media":582147,"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":[104,72,182,371,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-economy","tag-enterpriseam","tag-inflation","tag-oil-ministry","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"98ceb593-2d68-4173-8411-f7dd2c35b111","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/gas-station-1600px.jpg","photo_position":"below","homepage_title":"Fuel prices rise 7-11%","full_issue_title":"","related_issue":[582141],"teaser":"Cost of mazut for most buyers will increase by 20%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.2898b610-0826-4d2c-9d9f-0ac4ba1e3e64.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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