{"id":635211,"date":"2024-07-28T00:00:00","date_gmt":"2024-07-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/28\/egypt-hikes-car-fuel-prices-by-up-to-15\/"},"modified":"2024-07-28T00:00:00","modified_gmt":"2024-07-28T00:00:00","slug":"egypt-hikes-car-fuel-prices-by-up-to-15","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/28\/egypt-hikes-car-fuel-prices-by-up-to-15\/","title":{"rendered":"Egypt hikes car fuel prices by up to 15%"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Your fuel bill went up again:<\/strong> The Madbouly government raised fuel prices over the long weekend, according to decisions published in the Official Gazette. Fuel prices increased by 10-15% as of last Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here's a breakdown of the new prices:<\/strong><\/p>\n<ul>\n<li><strong>95-Octane is EGP 15 per liter<\/strong>, up 11% from EGP 13.50;<\/li>\n<li><strong>92-Octane is EGP 13.75 per liter<\/strong>, up 10% from EGP 12.50;<\/li>\n<li><strong>80-Octane is EGP 12.25 per liter<\/strong>, up 11% from EGP 11.0;<\/li>\n<li><strong>Diesel prices rose by 15% to EGP 11.50<\/strong> per liter from EGP 10.0;<\/li>\n<li>The price of <strong>kerosene oil also rose by 15%<\/strong> to EGP 11.50 per liter.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Industrial mazut prices also got a bump:<\/strong> The price of mazut for most industries increased to EGP 8.5k per ton, up 13.3% from EGP 7.5k previously. The government has kept mazut prices stable for electricity generation and food industries, according to the Official Gazette.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This marks the second fuel price hike in 2024:<\/strong> The move comes just four months after the last price hike <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2302e1-e1a7-4413-95b2-887642444241\/\" style=\"\" rel=\"noopener\">in March<\/a>, which saw petrol prices rise 8-10% and diesel prices jump by 21.2%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We saw it coming:<\/strong> We\u2019ve been anticipating fuel and electricity price hikes for months now, especially after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/144e0e2f-276a-429d-a414-0b2427177e53\/\" style=\"\" rel=\"noopener\">Prime Minister Moustafa Madbouly signaled<\/a> that the state was looking to \u201crestore balance\u201d between cost of production and end price by the close of 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> The EGP float in March, rising global Brent crude prices due to the ongoing war in Ukraine, and regional tension that have driven up shipping fees and ins. costs have all contributed to inflated costs across all petroleum products, whether exported or locally produced, Oil Ministry spokesperson Hamdi Abdel Aziz told MP and TV presenter Mostafa Bakry (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=SOrt0vLRNwU\" style=\"\" rel=\"noopener\">watch, runtime: 6:40<\/a>). \u201cFor example, the cost of producing diesel is around EGP 19 a liter and prior to the hikes, it was sold at EGP 10,\" Abdel Aziz said, adding that the state has been spending some EGP 400 mn a day on diesel subsidies and about EGP 90 mn on octane subsidies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fuel hikes have also been a key talking point with the IMF<\/strong>, which is thought to have pushed back its executive board\u2019s discussions of the third review of our USD 8 bn loan program to tomorrow from early July to see how the newly sworn-in government will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc85ab6a-468f-4fb8-917e-106bb2c78806\/\" style=\"\" rel=\"noopener\">approach trimming fuel subsidies<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>This latest increase of fuel prices should save the state some EGP 36 bn (c. USD 745 mn) during the current fiscal year, unnamed government officials told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/economics\/49516\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D9%88%D9%82%D8%B9-%D8%AA%D9%88%D9%81%D9%8A%D8%B1-36-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D8%A8%D8%B9%D8%AF-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%88%D9%82%D9%88%D8%AF\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hike could trigger an inflationary wave:<\/strong> Economists and analysts anticipate that fuel price hikes will contribute to inflationary pressures in the coming months, with Capital Economics saying <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59de79e9-0607-4e59-836f-e69920eda138\" style=\"\" rel=\"noopener\">earlier this month<\/a> that \u201cincreases to electricity and fuel prices [will present] upside risks in the coming months.\u201d Ramona Moubarak, Fitch Solutions' director of MENA country risk, echoed the sentiment, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c2aa31e-24a6-41e8-9ec2-6cbbab9e2855\/\" style=\"\" rel=\"noopener\">saying<\/a> that slashing fuel subsidies is bound to \u201ckeep inflation sticky in the coming months.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maybe not: <\/strong>\u201cThe hike was expected and taken into account when making our inflation forecasts for the short term,\u201d EFG Hermes\u2019 Mohamed Abu Basha told us, adding that he sees inflation falling to 23-24% by December and 15% by February. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Annual headline inflation cooled for the fourth consecutive month in June, hitting a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59de79e9-0607-4e59-836f-e69920eda138\/\" style=\"\" rel=\"noopener\">17-month low of 27.5%<\/a> in urban areas, down from 28.1% in May. This came despite fears of renewed inflationary pressures following a historic increase in subsidized bread prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news got attention from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/egypt-raises-domestic-fuel-prices-by-up-15-before-imf-review-2024-07-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-25\/egypt-hikes-fuel-prices-in-latest-spending-cut-after-imf-deal\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This marks the second fuel price hike this year<\/p>\n","protected":false},"author":1,"featured_media":635212,"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":[93,72,819,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-fuel","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"45d2052e-4c8d-4dde-b93c-8965df87dd03","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2143.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt hikes car fuel prices by up to 15%","related_issue":[635206],"teaser":"This marks the second fuel price hike this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.f1175ecc-c199-4000-a703-ea4d44f0bb0f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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":593655,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypt-cuts-fuel-prices-for-first-time-since-2016\/","url_meta":{"origin":635211,"position":1},"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":563794,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/fuel-prices-hiked-by-up-to-3-8\/","url_meta":{"origin":635211,"position":2},"title":"Fuel prices hiked by up to 3.8%","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"Fuel prices hiked for second consecutive quarter: The government raised fuel prices by up to 3.8% over the weekend in response to rising international oil prices, the Oil Ministry said in a statement on Friday. 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":635211,"position":3},"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":547844,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/","url_meta":{"origin":635211,"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":566955,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/govt-keeps-fuel-prices-unchanged-through-march\/","url_meta":{"origin":635211,"position":5},"title":"Gov\u2019t keeps fuel prices unchanged through March","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"Gov\u2019t leaves fuel prices unchanged through March: The government\u2019s fuelpricing committee has decided to maintain the current prices for all grades of fuel until the end of March, according to a statement (pdf). This means that prices will remain at EGP 8.75 per liter of 95-octane, EGP 7.75 per liter\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635211","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=635211"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635211\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/635206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/635212"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=635211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=635211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=635211"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=635211"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=635211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}