By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
    Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
    June 1, 2023
    Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
    Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
    June 1, 2023
    Egypt hosts InnoXera Summit on education in artificial intelligenceage
    Egypt hosts InnoXera Summit on education in artificial intelligenceage
    June 1, 2023
    Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman
    Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman
    June 1, 2023
    Egypt's new membership in New Development Bank enhances South-South cooperation: Al-Mashat
    Egypt’s new membership in New Development Bank enhances South-South cooperation: Al-Mashat
    June 1, 2023
  • Politics
    PoliticsShow More
    Madbouly reaffirms Egypt’s unwavering assistance for Palestine
    Madbouly reaffirms Egypt’s unwavering assistance for Palestine
    June 1, 2023
    Egypt reiterates firm position in support of Palestinian cause: Shoukry
    Egypt reiterates firm position in support of Palestinian cause: Shoukry
    June 1, 2023
    Egypt and France discuss joint cooperation in the health sector
    Egypt and France discuss joint cooperation in the health sector 
    June 1, 2023
    AU praises Egypt's role in achieving sustainable peace in Africa despite challenges
    AU praises Egypt’s role in achieving sustainable peace in Africa despite challenges
    May 31, 2023
    Opinion| Russia and China promote stability in the Middle East after the US withdrawal from the region
    Opinion| Russia and China promote stability in the Middle East after the US withdrawal from the region
    May 31, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Five-hundred Egyptian factories close as a result of increased Mazut prices
Share
Notification
Latest News
Adding flavour of innovation to F&B industry in Africa
Adding flavour of innovation to F&B industry in Africa 
Women
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Women
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Banking
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Business
Egypt hosts InnoXera Summit on education in artificial intelligenceage
Egypt hosts InnoXera Summit on education in artificial intelligenceage
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Energy > Five-hundred Egyptian factories close as a result of increased Mazut prices
BusinessEnergy

Five-hundred Egyptian factories close as a result of increased Mazut prices

Daily News Egypt
Last updated: 2013/02/26 at 7:10 PM
By Daily News Egypt 4 Min Read
Share
Number of factories owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded. (AFP Photo)
Approximately 80m cubic feet of gas will be added to production daily during the month of December (AFP Photo)
SHARE
Number of factories owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded. (AFP Photo)
Number of factories owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded.
(AFP Photo)

A total of 500 Egyptian brick factories have closed throughout the country, putting an estimated 10,000 employees out of business.

Adel Al-Ganidi, factory owner and member of the Egyptian Brick Factory Owners’ Organisation, said that a number of owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded.

He accused the government of not working fast enough to address the problems of factory owners, saying that in the end it is the 10,000 workers who are dependent upon their jobs who will end up suffering. He added that factory owners would suffer huge losses as a result of these closures, adding however that they would not reopen their facilities until the decision to increase mazut prices was overturned.

In the 6th of October City, a number of real estate investors have complained about the rise in the price of bricks, with prices increasing from EGP 180 to EGP 380 per thousand bricks. This, he said, has caused a construction crisis, with a number of large and small scale projects having temporarily ceased operations, especially in newly-utilised expansion regions. A number of investors stated that the move was not well thought-out and requested that it be rescinded.

Mohamed Abd al-Fatah, a real estate investor, said that the decision would put an end to a number of new construction projects, adding that the rise in the price of factory fuels would translate into a rise in property prices and apartments, especially in new urban areas. He emphasised that investors would consider themselves bound by old prices when constructing and implementing their projects.

Hamed Gomaa, a local brick salesman, said that he hadn’t sold a single brick in three days, and requested that the government rescind its law as it threatened his livelihood and that of many others.

An official within Egypt’s General Petroleum Authority (GPA) stated that the connection between dollars and the price of fuel was to be a strong indicator regarding the ability of the government to review price controls for property. He added that the government was taking steps to introduce new ways to monitor price setting and that this would have effect this would have on the market.

Osama Kamal, petroleum and mineral resources minister, said that price control adjustments would occur on a yearly basis according to a statement released by the Official Gazette. He added that the link between new fuel prices for mazut, gas, diesel and the dollar exchange rate was evidence of the fact that the government was seeking to employ new, internationally recognised and used methods to periodically set fuel prices. These methods, he said, would be studied and reviewed within the next three years.

He added that the amount of diesel and petroleum currently available was enough to meet the market demand, despite shortages in some cities that have led to protests and the blocking off of a number of roads. He added that Egypt currently produced 38,000 tonnes of diesel and 16,000 tonens of petroleum per day, enough to meet the market’s normal needs. However, he stated that increased trade on the black market had caused the situation to worsen.

 

You Might Also Like

Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone

Egypt, GIZ sign agreement of €8m to support e-government, innovation in management

Egypt hosts InnoXera Summit on education in artificial intelligenceage

Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman

Egypt’s new membership in New Development Bank enhances South-South cooperation: Al-Mashat

TAGGED: civil disobedience, mazut, price hikes, strikes
Share this Article
Facebook Twitter Email Print
Previous Article Sergei Lavrov said that recent faint hopes that dialogue was possible between the opposition and the regime of Syrian President Bashar Al-Assad had dissipated. Photo: Russian Foreign Minister Sergei Lavrov (AFP Photo) Lavrov blasts Syria opposition ‘extremists’ before key talks
Next Article For diesel, oil and LPG pipelines, a smart cards system will be introduced for subsided diesel and oil (AFP Photo) Shura Council to deliberate tax reform bill within 48 hours
1 Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Adding flavour of innovation to F&B industry in Africa
Adding flavour of innovation to F&B industry in Africa 
Women
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Women
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Banking
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?