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Egypt Hikes Domestic Fuel Prices

Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany
Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany
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Egypt Hikes Domestic Fuel Prices

Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany
Cars are seen at a petrol station in downtown Cairo, Egypt June 19, 2018. REUTERS/Mohamed Abd El Ghany

Egypt introduced its latest round of fuel subsidy cuts on Friday, raising domestic prices by between 16 percent and 30 percent.

The price of widely used 92 octane grade petrol rose by 18.5 percent to 8 pounds ($0.4825) a liter, while lower quality 80 octane rose by 22.7 percent to 6.75 pounds ($0.4071) a liter, the petroleum ministry said in a statement.

Higher grade 95 octane fuel rose by 16.1 percent to 9 Egyptian pounds ($0.5428) a liter, and diesel rose by 22.7 percent to 6.75 pounds per liter. The price of cooking gas cylinders rose by 30 percent to 65 pounds for domestic use and 130 pounds for commercial use.

Scaling back fuel subsidies was a key plank of a three-year $12 billion economic reform package signed with the IMF in November 2016. Energy subsidies had eaten up as much as 20 percent of the government's budget in recent years.

The reforms also included a sharp devaluation of the Egyptian pound and led to rapid inflation that later cooled.

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Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
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Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)

Riyadh is slated to host the inaugural edition of the Saudi Rail Conference and Exhibition on November 20-21, under the patronage of Minister of Transport and Logistic Services and Chairman of Saudi Arabia Railways (SAR) Saleh Al-Jasser.

The event will highlight the advancements and innovations in the railway sector and gather insights from local and international perspectives.

Al-Jasser emphasized that the event aligns with the transformative developments taking place in the Kingdom's transportation and logistics sector, particularly in the railway industry, and highlighted the substantial support provided by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the sector.

Al-Jasser underscored the pivotal role railways play in driving the Kingdom's economic and social development by facilitating the movement of people and goods, helping to boost trade and tourism, serving Hajj and Umrah pilgrims, and contributing to reducing emissions by decreasing the number of daily car and truck trips.

He reiterated the Kingdom's commitment to advancing railway infrastructure, enhancing rail network efficiency, and improving user services.

Several national railway projects are underway as part of the Kingdom's strategic vision to strengthen its position as a leading global logistics hub, he went on to say.

SAR CEO Dr. Bashar AlMalik said that by hosting this event, Saudi Arabia reinforces its leading position in the transport and logistics sector, and positions itself as a global hub for railway operators.

The conference, one of the largest events of its kind in the Middle East and North Africa region, will be attended by a large number of industry experts. Over 200 local and international speakers will engage in panel discussions focused on cutting-edge innovations and solutions in the railway sector.

It will feature more than 200 exhibitors, offering a crucial platform for networking and exchange of knowledge among key industry stakeholders.

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies, solidifying the Kingdom's position as a global logistics hub that collaborates with both domestic and international stakeholders.

SAR's network has expanded to include three intercity lines: the North Railway, the East Railway, and the Haramain High-Speed Railway, inaugurated by the Custodian of the Two Holy Mosques in 2018.

The network also encompasses key urban lines, including the Mashaer Train (serving pilgrims), the Riyadh Metro, the King Abdulaziz International Airport Railway in Jeddah, and the Princess Noura University Railway. In total, the railway network spans over 5,500 kilometers, demonstrating the Kingdom's commitment to building a comprehensive and interconnected transportation system.