Egypt raises gas prices by 75%

Egypt announced on Saturday new hikes in the price of natural gas for home and commercial use by up to 75 percent, the latest move in an IMF-backed austerity programme that has left many Egyptians struggling to make ends meet.

The increase follows hikes to fuel, electricity, and public transport prices that are part of a $12 billion International Monetary Fund loan programme signed in 2016 that aims to lure back investors and lift the economy battered by political turmoil since 2011, ABC News reported.

The government statement published in the Official Gazette said that, effective Aug. 1, the price for consuming up to 30 cubic metres of gas had been set at 0.175 Egyptian pounds ($0.0098) per cubic metre, up from 0.100 pounds ($0.0056). The price for consuming 30 to 60 cubic metre was set at 0.250 pounds ($0.014), up from 0.175 pounds ($0.0098), while consumption of more than 60 cubic metres was set at 0.300 pounds ($0.017) from 0.225 pounds. The statement did not specify the timeframes over which the consumption levels apply.

Source: Financial Tribune