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Tag: Fuel Subsidies
egypt-ministry-of-finance

Egypt’s fuel subsidy bill may overshoot to EGP 100 billion in FY 2018/19

Posted: October 4, 2018 at 1:39 pm   /   Oil & Gas

Enterprise: Fuel subsidy bill could overshoot to EGP 100 bn in FY2018-19. Higher-than-forecast oil prices will could see Egypt’s fuel subsidy bill FY2018-19 jump to EGP 100 billion, up from USD 89 billion now in the budget, a government source told Enterprise yesterday. Compounding the issue: The potential for strain on the EGP from a […]

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Oil

Oil price rally threatens to derail Egypt’s deficit reduction plans

Posted: October 3, 2018 at 3:01 pm   /   Oil & Gas

Global oil rally threatens to derail deficit reduction plans, change inflation outlook: The rally in global oil prices threatens to derail Egypt’s budget deficit target of 8.4% this fiscal year, Ahmed Feteha writes for Bloomberg. Every USD 10 increase in oil prices over the USD 67/bbl set in the FY2018-19 budget adds USD 1-1.2 billion […]

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IMF

Petroleum Economist: IMF says Egypt needs more energy reforms

Posted: August 22, 2018 at 9:00 pm   /   Oil & Gas

The Egyptian economy continued to improve in 2018, according to the organisation, but further measures are needed. In 2016, the International Monetary Fund agreed to help Egypt’s economy recover from years of crisis by providing it with disbursements totaling $12bn. The deal was conditional on the government reducing subsidies on basic goods and services, including […]

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Nat Gas

Egypt raises natural gas prices by up to 75 percent

Posted: July 23, 2018 at 7:59 pm   /   Oil & Gas

Egypt has raised natural gas prices for households and businesses by between 33.3 and 75 percent. Saturday’s decision, published in the official gazette, should come into effect starting August. Gas consumption of up to 30 cubic meters was raised by 75 percent, 30-60 cubic meter gas consumption by 42.8 percent and consumption of over 60 […]

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Fuel Egypt

Egypt hikes fuel, electricity prices in IMF-backed austerity drive

Posted: June 17, 2018 at 8:24 pm   /   Electricity & Power, Oil & Gas

Egypt has raised gasoline prices by up to 50 percent, the oil ministry said on Saturday, under an IMF reform plan calling for austerity measures that have made life tougher for ordinary Egyptians. Oil Minister Tarek El Molla said the price rises would help Egypt save up to 50 billion Egyptian pounds ($2.8 billion) in […]

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Egypt not cutting fuel subsidies before July 2018 – El Molla

Posted: November 12, 2017 at 9:21 pm   /   Oil & Gas

Egypt is not considering an increase in fuel prices before 30 June 2018, at the end of the current fiscal year, and is planning to stop importing gas before the end of next year, Egypt’s oil minister Tarek El-Molla said at a press conference on Saturday. El-Molla said that the government is planning to lift […]

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El Molla: Egypt gasoline consumption fell 4.2% in July-Sept

Posted: November 2, 2017 at 7:47 pm   /   Oil & Gas

Gasoline consumption in Egypt fell by 4.2 percent and diesel consumption by 7.1 percent in the first quarter of the 2017-2018 fiscal year, which began in July, the oil minister said. Egypt has raised fuel prices twice since last November, when it signed a $12 billion International Monetary Fund programme that includes a raft of […]

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Upstream: Egypt has turned a corner

Posted: July 8, 2017 at 5:28 pm   /   Oil & Gas

Egypt’s decision to hike fuel prices is a bold measure that will help to settle outstanding debts to international oil companies that have faced payment delays since the revolution in 2011, writes Nassir Shirkhani. The cut to energy subsidies will save the government $2 billion a year and discourage wasteful consumption in a country where […]

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Egypt's currency devaluation doubles fuel subsidy bill to EGP 78 billion in nine months

Posted: May 4, 2017 at 3:02 pm   /   Oil & Gas

Egypt’s government spent 78 billion Egyptian pounds ($4.32 billion) on fuel subsidies in the first nine months of the 2016-17 fiscal year, up from 41 billion in the same period of the previous year, Oil Minister Tarek al-Molla told Reuters. The cost of fuel imports has soared since Egypt floated its pound currency in November, […]

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