Fuel price increase at midnight

[newcastle]

Egypt to raise fuel prices by up to 47 percent at midnight
Mada Masr
November 3, 2016


Egypt will raise fuel prices for the second time since the start of a fiscal reform program in 2014, in an effort to curb a ballooning fiscal deficit hours after floating the exchange rate on Thursday, Reuters reported.

At midnight Thursday going into Friday, lowest value Octane 80 will increase by 46.8 percent to LE2.35 per liter from LE1.6, and higher value Octane 92 will increase by 34.6 percent to LE3.5 a liter from LE2.6, with Diesel increasing by 30.5 percent to LE2.35 per liter from LE1.8, and gas prices rising by 45.5 percent to LE1.6 a liter from LE1.1. Highest value Octane 95 will remain at the same price of LE6.25 per liter, according to the privately owned Al-Shorouk newspaper.

In 2014, Egypt embarked on a plan to introduce a number of fiscal measures, including fuel subsidy cuts, which increased prices by up to 78 percent, as well as new taxes to ease a growing budget deficit that hit 12.2 percent in the 2014-15 Fiscal Year. Fuel and food subsidies represent a quarter of Egypt’s state budget.

Earlier on Thursday, Egypt’s Central Bank floated the exchange rate, starting at a guiding rate of 13 pounds to the US dollar. The government is hoping to secure a $12 billion loan from the International Monetary Fund, for which several economic measures are a necessary condition. Last month, head of the fund Christine Lagarde said Egypt would have to devalue the pound prior to the final approval of the loan, as well as continue with fuel subsidy cuts.

http://www.madamasr.com/en/2016/11/03/n ... -midnight/

[Horus]

I feel another revolution comming on, I sincerely hope not, but if it does happen then I will refer back to this post in a few months and tell you I predicted it all today, its called "stating the bleeding obvious"

[newcastle]

I feel another revolution comming on, I sincerely hope not, but if it does happen then I will refer back to this post in a few months and tell you I predicted it all today, its called "stating the bleeding obvious"

I think one "Mystic Meg" is all the forum can handle, thank you....

[Horus]

I feel another revolution comming on, I sincerely hope not, but if it does happen then I will refer back to this post in a few months and tell you I predicted it all today, its called "stating the bleeding obvious"

I think one "Mystic Meg" is all the forum can handle, thank you....

Gypsy Rose Lee morelike

[Major Thom]

I really hope the local people try and stay calm, these measures amount to Austerity, its not really this governments fault at all, its previous Governments squandering and wasting money, lining their pockets and making themselves rich and the people poorer. It was obvious some strict measures had to be taken, I just wish the Government would tell the people, explain why this is having to happen, and not keep them guessing. If they did this maybe the people will understand more and not be so hotheaded and work themselve into a frenzy. Remember the UK has had Austerity measures now for 6 or more years, we knew it had to come, but our UK Government explained to the Country Why!

[newcastle]

A tall order explaining economics to a population that is 25% illiterate.

Even for those that might understand the need for austerity, it's difficult to swallow when you're already living, like 30% of the population, below the poverty line.

That line incidentally, is about 500LE per month, About a dollar a day.

[Bombay]

A tall order explaining economics to a population that is 25% illiterate.

Even for those that might understand the need for austerity, it's difficult to swallow when you're already living, like 30% of the population, below the poverty line.

That line incidentally, is about 500LE per month, About a dollar a day.

Hard enough in the UK 17.2 million believe they will be better off outside the EU.

[newcastle]

Hard enough in the UK 17.2 million believe they will be better off outside the EU.

Shush.......

I'll have you know that those 17.2 million were expert economists with a crystal-clear knowledge of the trade terms that will apply post Brexit, that they will be beneficial and make Britain "great" again......... and it behoves the remaining 40 million plus of us to accept the situation, without comment, as "the will of the people" and on no account let our elected representatives have a say on even the outline, let alone the detail, of any arrangements our (as it happens unelected) PM is proposing to negotiate with the EU

It's called "democracy"

[Brian Yare]

If "the remaining 40 million" had cared they should have voted. Many of them couldn't be bothered. That is their loss.

[Horus]

If "the remaining 40 million" had cared they should have voted. Many of them couldn't be bothered. That is their loss.

Exactly, its called getting off your idle backside and voting, but then again we can always let Parliament kick it around between themselves as they get two votes to our one. Then when they get bogged down in the minutia for several months prior to cobbling something together in order to have a completely unelected House of Lords that comprises over 100 Lib Dem peers (to add some real bias) eventually kick it out …………….. now that’s real democracy!!!!!

[newcastle]

No need to muddy the waters by referring to the Upper House.

I'm sure you're aware that they cannot frustrate the decision of the House of Commons......only delay it

Let the supreme court decide whether it's Parliament or the public (via referendum) who are the ultimate decision makers in Great Britain.

[Horus]

Frustrating the process or not, it still amounts to the same thing, an unelected body will have an input to the parliamentary proceedure.

[newcastle]

Frustrating the process or not, it still amounts to the same thing, an unelected body will have an input to the parliamentary proceedure.

Whether we should have an Upper House, how it should be constituted and what its powers should be is a separate issue altogether

We could always have a thread on that....although I suspect our views would be rather similar

[Bombay]

If "the remaining 40 million" had cared they should have voted. Many of them couldn't be bothered. That is their loss.

It's a;so the 17.2 loss as wel they just have not noticed just yet.

[Bombay]

Frustrating the process or not, it still amounts to the same thing, an unelected body will have an input to the parliamentary proceedure.

Whether we should have an Upper House, how it should be constituted and what its powers should be is a separate issue altogether

We could always have a thread on that....although I suspect our views would be rather similar

Once and if we do leave the EU the legal and upper house are the only protection left for the people against the possible excess of the lower house.
Not that it stopped the pole tax or the accesses to disabled persons recently.

[newcastle]

The judiciary is really our only bastion against any excesses of the legislature and the intemperate nonsense we've seen in the tabloids over the last day or so should have been slapped down much more firmly than it has been.

An Upper House to, at least, review legislation seems a reasonable idea but the question as to whether it should be appointed or elected is a tricky one. There are reasonable arguments in both directions.