Home business Everything you want to know about the gas price increase

Everything you want to know about the gas price increase

244% increase in the price of gasoline 80 in the last 3 years, while the increase to benzene 92 was around 160%. And the decision to float the exchange rate against the dollar at the end of 2016

The government plans to lift subsidies for most oil products by June, bringing prices to 100% of their costs, according to IMF documents announced on Saturday about the results of the fourth evaluation of the Egyptian economy. In implementing the energy aid reform by introducing the new fuel price mechanism for all petroleum products, including diesel and gasoline, on 5 June (excluding liquefied natural gas and diesel for electricity and bread industry production) and prices effectively at world prices to link in September.

According to the report, current fuel prices in Egypt are between 85 and 90% of the price of their costs.
Brent prices are currently around $ 70 per barrel, which is expected to be around 2019, compared to an average of $ 71.76 per barrel in 2018.
The government has raised fuel prices three times since the flotation of the pound in November

According to the report, current fuel prices in Egypt are between 85 and 90% of the price of their costs.

Brent prices are currently around $ 70 per barrel, which is expected to be around 2019, compared to an average of $ 71.76 per barrel in 2018.

The government has raised fuel prices three times since the pound was floating in November 2016. According to an economic reform plan to give Egypt a $ 12 billion loan in three years, Egypt has so far received five $ 10 billion chips.

Petrol prices have increased by around 244% over the past three years, from £ 1.60 to £ 5.5.

While the prices of gasoline 92 rose by about 160% from 2.6 pounds to 6.75 pounds.

Egypt increased fuel prices by 78 percent in 2014 to reduce the pressure from the growing budget deficit.

November 2016

On November 3, 2016, the Central Bank decided to liberalize the exchange rate and to keep it in line with the mechanisms of supply and demand in the so-called "floating of the pond". After hours of the decision of the Central Bank, the Ministry of Petroleum announced the increase in fuel prices, Egypt decided to raise the price of gasoline 80 octane to 2.35 pounds 1.6 pounds, an increase of about 46.8% and the price of gasoline 92 octane to 3.5 pounds per liter from 2.6 pounds, an increase of 34.6%.

Increasing the price of diesel to 2.35 pounds per liter from 1.8 pounds, an increase of 30.5 percent, while the price of car gas rose 45.5 percent to 1.6 pounds per cubic meter of 1.1 pounds .

29 June 2017

Before the end of June 2017, the government decided to lower fuel prices for the second time since the exchange rate liberalization, with percentages ranging from 5.6 to 55%.

The government raised the price of 92 octane gasoline to 5 pounds per liter from 3.5 pounds, an increase of about 43%, and raised the price of 80 octane gasoline to 3.65 pounds from 2.35 pounds, an increase of 55% .

The price of 95 gasoline rose slightly to 6.60 pounds per liter from 6.25 pounds, an increase of 5.6 percent.

Egypt raised the price of diesel to 3.65 pounds per liter from 2.35 pounds, an increase of 55 percent.

Gasoline prices rose by 25 percent to 2 pounds per cubic meter from 1.60 pounds, and the price of cooking gas bottles rose from 15 pounds to 30 pounds.

June 16, 2018

The Egyptian government has increased fuel prices by more than 50 percent for the third time since the stock market flotation in June last year.

The price of 80 octane gasoline, which is most commonly used in Egypt, as well as diesel fuel rose from 3.65 pounds to 5.5 pounds per liter, or 50%.

The price of gasoline 92, used by the middle and upper class, rose from 5 pounds to 6.75 pounds, while the price of gasoline 95 was used less from 6.6 pounds to 7.75 pounds.

The price of domestic cooking gas bottles increased from LE 30 to LE 50, while the price of the cylinder for commercial use increased from LE 60 to LE 100, or 66%.

The government's decision to raise the prices of petroleum products helped to cut fuel subsidies from £ 139 billion to £ 89 billion in the 2018/2019 budget.

Automated pricing mechanism for petroleum

The automatic price mechanism for petroleum products is to link the selling price to the consumer at the expense of delivery, allowing the government to liberalize the fuel price and cancel the subsidy.

This mechanism is based on a price formula, including world oil prices, the exchange rate of the pound against the dollar and the operating costs in Egypt, which take into account the rise and fall of the product price in accordance with the change in cost elements . From the state.

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