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Egypt remains committed to cost recovery of most fuel products by mid-2019: IMF
More difficult external environment poses new challenges on country’s economy, says Lipton
“Fuel subsidy reform plays a key role in fiscal consolidation”: IMF
In its third review under the extended arrangement in accordance with the Extended Fund Facility issued in July 2018, the International Monetary Fund (IMF) assured that the ongoing energy subsidy reform continues to play a key role in fiscal consolidation. It clarified that the fuel subsidy bill has decreased from 3.3% of the GDP in …
Egyptians bear 70% of fuel prices through threefold price hikes in 2 years
To meet the demands of the IMF to grant Egypt the $12bn loan, curb the budget deficit, and to deal with the increasing inflation rate, fuel subsidies underwent non-recurrent stages to be phased out, toward being fully suspended in 2019 according to a subsequent 2018 statement for the Minister of Petroleum and Mineral Resources, Tarek …
MSMEDA signs 2 contracts of EGP 20m to convert 4,000 cars from operating on diesel fuel to CNG
Agency injected EGP 152m in past years to convert 30,500 cars, including 25,500 transport cars, 5,000 passenger cars
Fuel economy question, lubricants’ role in achieving it
New adopted rules call for average fuel efficiency across manufacturer’s fleets to reach equivalent about 92 mpg by 2030, up from 57 mpg in 2021
Fuel imports costs $450m monthly
Gasoline, diesel, butane account for largest part of imports, imports will be cut in 2019, as several new refining units in Egypt spring into action
French government to ‘suspend’ fuel tax hike
“It is first step, but we will not settle for crumb,” said Benjamin Cauchy, one of leaders of protests
Fuel exports up to $3.4bn in 7 months
The oil sector has been able to raise the value of its foreign exports of fuel to $3.4bn between January and July 2018, up from $2.5bn in the same period in 2017, up by $883m. According to the CAPMAS, total crude oil exports reached $1.1bn in that period, against $1.6bn in that period of 2017, …
Foreign partners’ share in petroleum fields increases to $750m on monthly basis
Increase in oil prices globally. linking new wells to production are reasons: official
Petroleum products subsidies up by EGP 10bn in Q1 2018/19
20% increase in barrel price than estimated by state budget
Chinese gangs fuel illegal South Africa abalone trade: report
Egypt’s fuel imports rise to $5bn in five months
Total fuel imports from January to May 2018 rose to about $5.035bn compared to $4.924bn in the January-May 2017 period, with an increase of nearly $111m. According to the latest statistics of the Central Agency for Public Mobilization and Statistics (CAPMAS), total imports of crude oil amounted to $1.483bn, during the first five months of …
Egypt allows domestic gas to Gaza as Israel blocks transfer of fuel
Cairo held talks between Hamas, Fatah to reach reconciliation, long-term ceasefire with Israel
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Israel blocks fuel, gas transferring into Gaza despite ceasefire
Crossing is only one between Gaza, Israel for goods transport, along with Egypt’s Rafah
In light of IMF’s third review report, analysts recommend authorities to boost Egyptian exports, refraining risks
Exports are projected to reach $53.1bn in current FY 2018/2019
Car companies struggle to stabilise prices after fuel price changes
The car market has received the decision to increase fuel prices with a stabilisation of the delivery prices of the current month, ignoring the projections on social media of the upcoming period and a possible increase in prices. Some of the companies that have kept their prices fixed are Mercedes-Benz, Opel, Chevrolet, BMW, Toyota, Renault, …
Egypt’s fuel imports value increases to $4bn within 4 months
Egypt’s fuel imports value rose to about $4bn from January to April 2018, compared to $3.9bn during the same period in 2017—an increase of $124m. The Central Agency for Public Mobilisation and Statistics (CAPMAS) reported that the value of the country’s crude oil imports during the first four months of the year amounted to $1.15bn, …
Is riding scooters best solution for facing hike in fuel prices?
After the last rise in the fuel prices, every citizen in Egypt, thinks about the negative effect of this rise on one’s budget for transportation, either to ride private cars, taxes, or even buses. Egypt’s new government raised fuel prices by 35.0-66.6% in emid-June with an immediate effect. The price hikes are part of the …
Saving money no longer option for Egyptians under price hikes
Egyptians, especially members of the middle class, have been gradually changing their lifestyles over the past years, not only by cutting their expenses, but also by giving up many things that were once essential to their daily routines. Members of the middle and upper middle classes had been enjoying many things seen by lower classes …
Fuel price hikes are credit positive: Moody’s
Egypt’s credit rating to return back to BB+ by end of economic reform programme, says banking expert
Egypt’s fuel subsidy reform is credit positive, reducing fuel subsidy bill to 1.7% of GDP in 2019: Moody’s
Subsidy reform adjustment led to declining purchasing power, yet a brightening economic and employment outlook provides a better basis for acceptance of the new reforms
Uber adjusts service prices after fuel price hike
Uber Smart Transport Company changed its pricing on Monday and announced the new pricing system. In a text message to its “drivers partners,” Uber said that the company’s work is to provide a safe, secure, and an appropriate means of transport for all, anytime and anywhere. “Uber works best when drivers and passengers benefit. Hence, …
Egypt’s fuel exports rise in Q1 2018 to $1.2bn
Egypt’s total fuel exports between January and March (Q1) 2018 increased to $1.225bn from $964m during the same period of 2017, an increase of approximately $260m. The Central Agency for Public Mobilisation and Statistics (CAPMAS) said in its latest report that the total exports of crude oil during the first three months of 2018 reached …
Jordan’s king freezes fuel price hikes for one month following mass protests
Thousands of Jordanians demonstrated against price increases, calling for ‘toppling of government’
Fuel distribution companies have not received notice on price increases
According to official sources at petroleum product distribution companies, the companies have not yet received any notifications about the decision to increase the prices of fuel, and that the concerns about the new price schemes are false. The sources added that the distribution companies are entities that implement fuel prices increases, and do not to …
34% increase in fuel subsidies costs in H1 FY 2017/18: El-Molla
The costs of fuel subsidies grew by 34% in the first half (H1) of the fiscal year (FY) 2017/18, to reach EGP 51bn, increasing from EGP 38bn, Minister of Petroleum Tarek El-Molla told Reuters on Wednesday. El-Molla added that despite the witnessed increase in subsidies costs, the subsidies bill is still EGP 4bn below …
EOS issues new Egyptian fuel specifications
The Egyptian Organisation for Standards and Quality (EOS) has held a number of meetings with the Transportation Division of the Chamber of Engineering Industries to develop a new fuel standard and octane ratios for gasoline used in the Egyptian market. Samir Allam, deputy head of the Transportation Division of the Chamber of Engineering Industries, said …
Clarksons negotiates with 2 companies to establish fuel station for ships worth $200m
Mohamed Metawi, managing director of Clarksons Shipping Agency, said that the company is negotiating with two international companies, in the field of ship fuel supply, in order to establish a station for ships’ fuel supply in Egypt. He told Daily News Egypt that the value of investments expected to be injected into the station is …
Total, Kharafi Group sign partnership agreement with investments of EGP 300m
Total Egypt signed a strategic partnership agreement with Kharafi Group for the supply of fuel and derivatives and the establishment of a facility for the supply of advanced jet fuel at Marsa Alam Airport, worth EGP 300m in the first stage, Ian LePetit, Total Egypt’s managing director, said that the company is providing fuel to …
Daily News Egypt closely examines Total Egypt’s quality assurance technology
Total Egypt has announced the launch of a new fuel storage and distribution technology similar to that used in refuelling aircraft to ensure the purest fuel, free of impurities. The new method relies on drawing the gasoline or diesel from the “highest point” in storage instead of its lowest, thus ensuring pure fuel without impurities …