{"id":596721,"date":"2019-07-07T04:43:50","date_gmt":"2019-07-07T04:43:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies\/"},"modified":"2019-07-07T04:43:50","modified_gmt":"2019-07-07T04:43:50","slug":"government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies\/","title":{"rendered":"Government raises fuel prices, phasing out remaining fuel subsidies"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>Government raises fuel prices, phasing out remaining fuel subsidies: <\/b>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 <a href=\"http:\/\/www.petroleum.gov.eg\/ar\/MediaCenter\/LocalNews\/pages\/mop_05072019_01.aspx\">announced in a statement<\/a>. The price of 95 and 92-octane rose by 16% and 18.5%, respectively, while diesel and 80-octane prices increased by 22.7%. The prices of most petroleum products will now reflect their actual cost, although the government will continue to subsidize butane gas cylinders, and fuel for bakeries and electricity plants, <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKCN1U00X0\">a ministry official told Reuters Arabic service<\/a>. The full price breakdown is as follows:<\/p>\n<ul>\n<li><b>95 octane petrol<\/b> at the pumps will now cost EGP 9 per liter, up from EGP 7.75;<\/li>\n<li><b>92 octane petrol<\/b> rose to EGP 8 per liter, from EGP 6.75;<\/li>\n<li><b>80 octane petrol, diesel fuel, and kerosene<\/b> increased to EGP 6.75 per liter, from EGP 5.50;<\/li>\n<li><b>Cooking gas cylinders <\/b>now cost EGP 60, from EGP 50;<\/li>\n<li><b>Gas cylinders for commercial ventures<\/b> jumped to EGP 130, from EGP 100;<\/li>\n<li><b>Compressed natural gas for automobiles<\/b> rose to EGP 3.5 per cubic meter, from EGP 2.75;<\/li>\n<li><b>The price of fuel oil (mazut) to factories<\/b> rose to EGP 4.5k per tonne for bricks, cement, and other sectors except food and electricity, from EGP 3.5k per tonne.<\/li>\n<\/ul>\n<p><b>Bread prices will remain unchanged, but other commodities are set to rise:<\/b> The Supply Ministry will bear the increase in diesel prices for bakeries in order to keep the price of subsidized bread unchanged, head of the bakeries union Abdullah Ghorab <a href=\"https:\/\/www.youm7.com\/story\/2019\/7\/5\/%D9%82%D8%B1%D8%A7%D8%B1-%D9%88%D8%B2%D8%A7%D8%B1%D9%89-%D9%84%D9%80-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%86-%D8%A8%D8%AA%D8%AD%D9%85%D9%84-%D9%81%D8%B1%D9%82-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B3%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%84%D9%85%D8%AE%D8%A7%D8%A8%D8%B2-%D9%84%D8%AB%D8%A8%D8%A7%D8%AA\/4319538\">confirmed to Youm7<\/a>. Other food commodity prices \u2014 especially the price of oils and dairy products \u2014 are expected to increase, head of the food commodities division at the Giza Chamber of Commerce, Yehia Kasseb, <a href=\"https:\/\/alborsaanews.com\/2019\/07\/05\/1221472\">told the press<\/a>.<\/p>\n<p><b>The production cost of all types of building materials could rise between 2% and 5%<\/b>, Kamal El Dessouki, deputy head of the Federation of Egyptian Industries\u2019 (FEI) building materials industries division, <a href=\"https:\/\/alborsaanews.com\/2019\/07\/05\/1221282\">told the press<\/a>. Cement prices, meanwhile, are forecast to increase by between EGP 50-70 per tonneas a consequence of the fuel hikes, an unnamed cement company executive <a href=\"https:\/\/almalnews.com\/%D8%AA%D9%88%D9%82%D8%B9%D8%A7%D8%AA-%D8%A8%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%A3%D8%B3%D9%85%D9%86%D8%AA-%D8%A8%D8%B9%D8%AF-%D8%B1%D9%81%D8%B9-%D8%A7%D9%84\/\">told Al Mal<\/a>. This is expected to lead to a \u201cslight\u201d increase in property prices, division head Ahmed El Zeiny separately <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=06072019&id=03ee2c6c-0f8b-492d-8982-95d0703aeb85\">told Al Shorouk<\/a>. The price of industrial land in government tenders, however, will see no such increase, Industrial Development Authority boss Magdy Ghazi <a href=\"https:\/\/alborsaanews.com\/2019\/07\/06\/1221606\">told the press<\/a>.<\/p>\n<p><b>Oh, and for the commute:<\/b><\/p>\n<ul>\n<li><b>Ride-hailing companies are lining up fare hikes: <\/b>Careem has <b><a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1410522\">hiked fares<\/a><\/b> by up to 22% in both Cairo and Alexandria, and Uber has already <b><a href=\"https:\/\/alborsaanews.com\/2019\/07\/05\/1221337\">sent messages<\/a><\/b> to its drivers that it will issue new rates \u201csoon\u201d once it completes a study of the impact of the new fuel prices. Swvl, meanwhile, <b><a href=\"https:\/\/alborsaanews.com\/2019\/07\/05\/1221338\">is yet to make a decision<\/a><\/b> on how to respond to the price increases.<\/li>\n<li><b>Public transportation fares will also climb, but not trains:<\/b> The Cairo governorate has raised fares charged by white taxis, <b><a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2019\/7\/5\/1596066\/-%D8%AA%D8%B3%D8%B9%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%AA%D8%A7%D9%83%D8%B3%D9%8A-%D8%A7%D9%84%D8%A3%D8%A8%D9%8A%D8%B6-%D9%81%D8%AA%D8%AD-%D8%A7%D9%84%D8%B9%D8%AF%D8%A7%D8%AF-%D8%A8%D9%80%D9%A7-%D8%AC%D9%86%D9%8A%D9%87%D8%A7%D8%AA-%D9%88%D9%A5%D9%A0-%D9%82%D8%B1%D8%B4-%D8%A7-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%B9%D9%84%D9%89-%D9%83%D9%84-%D9%83%D9%8A%D9%84%D9%88\">Masrawy reported, citing an unnamed official<\/a><\/b>. Public bus ticket prices also increased EGP 1, and the new Mowasalat Misr buses will apply <b><a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2019\/7\/5\/1596005\/%D8%A7%D9%84%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%AA-%D8%B7%D8%A8%D9%82-%D8%BA%D8%AF-%D8%A7-%D9%86%D9%86%D8%B4%D8%B1-%D8%A7%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D8%AA%D8%B0%D8%A7%D9%83%D8%B1-%D8%A7%D9%84%D9%86%D9%82%D9%84-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\">new yet-to-be-disclosed rates<\/a><\/b> as of today. Train ticket prices, meanwhile, will see no change, at least not \u201canytime soon,\u201d Egyptian Railway Authority (ERA) head Ashraf Raslan told <b><a href=\"http:\/\/www.egypttoday.com\/Article\/1\/72487\/Train-fares-to-not-change-after-final-fuel-subsidies-cut\">Egypt Today<\/a><\/b>. <\/li>\n<\/ul>\n<p><b>The cuts will save the government EGP 37 bn a year: <\/b>The latest round of cuts will slash the government\u2019s expenditure on fuel subsidies to EGP 52.96 bn from EGP 89.75 bn, according to <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/25\/house-approves-fy2019-2020-state-budget\/\">the FY2019-2020 budget<\/a> passed last week by the House of Representatives. The government is reportedly studying entering into foreign exchange hedging contract with a bank to \u201csafeguard\u201d the fuel subsidy bill from any unexpected increase, government sources <a href=\"https:\/\/www.alborsaanews.com\/2019\/07\/06\/1221633\">told the press yesterday<\/a>.<\/p>\n<p><b>The automatic fuel pricing mechanism will be applied to all petroleum products from 4Q2019<\/b>, the official told Reuters. The mechanism, <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/01\/govt-leaves-95-octane-price-on-hold-as-fuel-pricing-mechanism-is-introduced\/\">which was introduced on 95-octane in 2Q2019<\/a>, will see the government re-price fuel by as much as 10% each quarter in order to bring prices in line with international markets.<\/p>\n<p><b>Could we receive the final USD 2 bn tranche from the IMF this week? <\/b><a href=\"https:\/\/alborsaanews.com\/2019\/07\/05\/1221212\">Sources told the local press<\/a> that the International Monetary Fund\u2019s (IMF) executive board will vote this week on disbursing the final USD 2 bn tranche from the USD 12 extended fund facility. The removal of fuel subsidies was part of the reform program agreed upon with the IMF in November 2016. Egypt <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/19\/egypt-imf-reach-staff-level-agreement-to-unlock-final-tranche-of-usd-12-bn-facility\/\">reached a staff-level agreement<\/a> in May for the tranche disbursal but we are yet to hear anything from the board on when the funding will be released.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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%, respectively, while diesel and 80-octane [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596722,"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":[8572],"tags":[279,104,93,72,819,182,2380,98,507,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-watch","tag-economy","tag-energy","tag-enterpriseam","tag-fuel","tag-inflation","tag-speed-round","tag-subsidies","tag-swvl","tag-uber","wpautop","entry"],"acf":{"mongo_id":"eecb0797-2ef7-446a-a233-3e10bee7c1bd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/5\/757.jpg","photo_position":"above","related_issue":[596716],"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>Government raises fuel prices, phasing out remaining fuel subsidies - 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\/2019\/07\/07\/government-raises-fuel-prices-phasing-out-remaining-fuel-subsidies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government raises fuel prices, phasing out remaining fuel subsidies\" \/>\n<meta property=\"og:description\" content=\"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. 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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":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":596721,"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":596575,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/is-egypts-fuel-pricing-mechanism-coming-into-effect-this-month\/","url_meta":{"origin":596721,"position":2},"title":"Is Egypt\u2019s fuel pricing mechanism coming into effect this month?","author":"enterpriseam admin","date":"2 July 2019","format":false,"excerpt":"Is Egypt\u2019s fuel pricing mechanism coming into effect this month? Speculation is rife in the local press that the Oil Ministry might begin moving prices on 95-octane fuel this month under the automatic fuel pricing mechanism, after it kept the price of 95-octane unchanged at EGP 7.75 per liter in\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\/2021\/1\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/govt-to-implement-fuel-pricing-mechanism-on-95-octane-gasoline-in-2q2019\/","url_meta":{"origin":596721,"position":3},"title":"Gov\u2019t to implement fuel pricing mechanism on 95 octane gasoline in 2Q2019","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"95 octane fuel could move up or down 10% thanks to new price mechanism: The price of 95 octane gas may fluctuate up or down by 10% when the a new pricing mechanism that pegs it to the global market comes into effect in April, according to a government decree\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\/2021\/1\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545901,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/","url_meta":{"origin":596721,"position":4},"title":"We\u2019re paying more at the pumps","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"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,\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\/4\/285.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570696,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/govt-cuts-egypts-fuel-prices-egp-0-25-across-the-board\/","url_meta":{"origin":596721,"position":5},"title":"Gov\u2019t cuts Egypt\u2019s fuel prices EGP 0.25 across the board","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"The government\u2019s fuel pricing committee has cut the price of all fuel grades by EGP 0.25 per liter and has also cut the price of mazut (heavy fuel oil) for factories, according to an official statement (pdf). 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