Egypt's unemployment rate falls in Q2 '25 – CAPMAS    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Petroleum price hikes spark widespread outcry
Published in Daily News Egypt on 05 - 07 - 2014

Anger is mounting against recent petroleum price increases after government reductions in subsidies for the sector came into effect on Saturday.
Hussein Mohamed, manager of a Mobil petrol station in Giza, said the reaction has been strong enough to prompt "a 50% increase in fuel consumption" since the government's announcement.
He said his station has failed to implement the new prices after they were put in place, as "thugs held workers at gunpoint and forced them" to sell at the old price.
Many public sector stations under the Co-op Petroleum Company and Misr Petroleum Company reported selling large quantities of fuel in the five hours between the price hike announcement and its implementation. Many of these products were destined for the black market, where they would be resold at a price below the post-rise levels, the station manager said.
Many citizens have objected to the price increase, which was approved by the government yesterday. Tamer Ahmed, the manager of a Total petrol station said some customers have refused to top up on petrol once the increase was announced.
Drivers of microbuses in particular have objected to the increase in the price of the petrol their vehicles use, Ahmed said, and have vowed to their raise fares in response.
Meanwhile, Mohamed noted that petrol stations have pumped "vastly reduced" quantities of Octane 80 fuel since the start of the month of Ramadan.
The government reduced subsidies on petroleum products in the budget for the current fiscal year to about EGP 100bn from EGP143bn. The previous fiscal year's subsidies were EGP 135bn, according to Medhat Youssef, former vice-chairman of the Egyptian General Petroleum Corporation (EGPC).
He said the value of petrol subsidies is growing at about EGP 10bn annually, and that previous governments feared implementing them due to possible price inflation in the markets.
Additionally, Youssef said that in the near future, Egypt will face a marked rise in the prices of goods and services as a result of increasing petrol prices, in a government attempt to control the domestic market.
According to Youssef, the government must provide fuel subsidies to "those who deserve them" while keeping in mind the need to improve the economic situation of the ordinary citizen to help compensate for rising prices.
Youssef added the government cannot continue to support a restructuring plan through the next five years "unless it improves citizens' economic and social situation as quickly as possible".


Clic here to read the story from its source.