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Bullion coin price rises by about EGP 72 to EGP 7,048
Gold prices rose to record levels as the rift between the US and China intensified, and a weak US dollar pushed investors to seek refuge in the safe haven
Gold remains safe haven in light of continuing global storms, says Abdel-Aal
Companies such as Samsung, Oppo, Xiaomi have already raised their prices to cover added expenses
Gold sales have continued to grow in Egypt for the second week despite high prices, according to Ragab Hamed, Associate Director at Sabayik al Kuwait for precious metals trading. Prices for the precious metal have recently touched EGP 911,000 per kilo for 24-carat and EGP 6,360 for the gold bullion coin. In a weekly report …
Industry sources told Daily News Egypt that companies, including Egyptalum, continue to push hard for a further lowering of electricity prices from the current $0.06/kwh or EGP 1.0/kwh, to $0.04/kwh.
Brent to average $35/bbl in 2020 and $45/bbl in 2021, Moody’s projects
Household electricity prices increase by an average of 19.1%
Limited impact on inflation, which remains in CBE target zone, despite expected pressures
Egypt imports 50% of its diesel and LPG needs, 25% of petrol
Fuel prices fall by 25 piastres due to ongoing coronavirus pandemic which has dented oil prices
It added that the price of Portland cement recorded a decline in February 2019 to EGP 850 per tonne. This marked an 8% decrease on the same month in 2018.
Subsidies in current fiscal year are EGP 33.5bn
Law allows government to adjust power prices and bear cost difference
Egyptian member of parliament believe fair gas prices for factories is $3.5-4.5 per million British Thermal units
Initial features indicate slight increase in prices, not affecting low-income
Interest rates to slightly decrease by end of FY2019/20, says report
Brent rise will not affect Egypt, thanks to hedging mechanism: Source
The committee also decided to keep the diesel price at EGP 6.75 per liter and hold the selling price of diesel tonnes for non-electricity and bakery uses at EGP 4250 per tonne.
Brent rate increased by 1.5% on Friday after OPEC’s agreement to further reduce production
Decline in global demand for oil threatens to OPEC’s plans to cut production, says Youssef
US cuts gas rigs to 144, as production reaches 2.39trn scf
A government source told Daily News Egypt that the government has fixed the prices of petroleum products, in parallel with fixing the value of hedging against price fluctuations, which protects the state budget from bearing any additional burdens.
New tariff set at EGP 3.5 per kW for electricity, EGP 25 per tonne for water
Car prices will not be affected by “liberalisation of customs exchange rate,” says Aboul Magd
Dues on water companies reached EGP 9bn until 30 June, says Raslan
Prices of the company’s products to increase by EGP 1 after the approval of new tax, says Fouad
Renewal of hedging contracts every 3 months with review of oil value in markets: Source
Price recovery backed by supply tightening, future disruptions due to Gulf tensions, says IHS Markit
In Egypt, economic challenges since 2016 forced the people to adapt to price hikes. From an economic standpoint, the rising prices drive customer demand lower. To cope, Egyptians are struggling to cut their expenses and find alternatives to pricey commodities and services.