Egypt’s cabinet increases mazut price
Ibrahim Mahlab, Egypt's Prime Minister - YOUM7/Ahmed Ramdan

CAIRO: Prime Minister Ibrahim Mahlab issued Saturday a decision to increase the prices of Mazut (fuel oil), few hours after the decision of fuel price rise has been activated.

Mazut price for factories of food industries increased to 1,400 EGP (US$ 195.79) from 1,000 EGP per ton and 2,300 EGP per ton for the power companies of the Ministry of Electricity and the private companies that sell their products to the ministry, Mahlab announced in a statement.

Such companies include Sidi Kerir Petrochemicals, Gulf Of Suez Petroleum and Port Said East Power, the statement read.

In April 2013, former Minister of Trade and Industries Hatem Saleh set the prices of Mazut sold for factories manufacturing  basic commodities at 1,000 EGP per ton and 1,620 EGP per ton for mazut sold for cement industries, Al-Masry Al-Youm reported.

According to the new pricing, mazut price for cement factories is estimated at 2,250 EGP per ton, with a 50 percent increase compared to 2013 prices.

Mazut price is to be sold to other factories at 1,950 EGP, said the statement.

The Cabinet has decided Friday to increase prices of fuel as of midnight Saturday ranging from .70 EGP to .75 EGP ($.04-.05) per liter.

The new increase in fuel prices ranged from 0.40 EGP ($0.06) to 0.75 EGP per liter.

The price of 92 octane gasoline, which sold at 1.85 EGP a liter, was raised to 2.60 EGP and 80 octane gas from 0.9 EGP to 1.6 EGP per liter.

The price of diesel was raised from 1.1 EGP to 1.8 EGP per liter.

The increase sparked the anger of the public transportation drivers and the passengers; tax drivers decided to strike against the increase while clashes erupted between the microbus drivers and the passengers in Upper Egypt’s governorate of Minya.

President Abdel Fatah al-Sisi held an emergency meeting Saturday with the cabinet to discuss the potential impact of the decision, Al-Masry Al-Youm reported.

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