Egyptian Cabinet announces new electricity price hikes this July

Egyptian Prime Minister Sherif Ismail announced Thursday that a new electricity price increase will begin this July and will be added to the bills of August.

Egypt’s government increased earlier the day gasoline and diesel prices in the second fuel hike since currency floatation and the latest cut in state subsidies to ease the budget deficit.

Fuel price increases had been widely expected as part of Egypt’s $12 billion International Monetary Fund loan agreement, but the hikes were bigger than anticipated by Egyptians already hit by a weaker pound currency and higher living costs.

The government endures all responsibility to the latest decisions which are tough not only for the citizen but also for the policy makers in the country, he added in the Cabinet press conference.