Egypt hikes natural gas prices by up to 75%

2018-07-22 16:36
(iStock)

(iStock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Egypt raised natural gas prices for households and businesses on Saturday by between 33.3 and 75%, the latest among tough austerity measures aimed at rebuilding the country's economy battered by years of unrest since a 2011 uprising.

The government's decision, published in the official gazette on Saturday, should come into effect starting August. It sets the price for gas consumption of up to 30 cubic meters to 0.175 Egyptian pounds up from 0.100 pounds per cubic meter, an increase of 75 percent.

Meanwhile, gas consumption between 30-60 cubic meters went up by 42.8%, from 0.175 Egyptian pounds to 0.250 pounds per cubic meter. Consumption of over 60 cubic meters was upped by 33.3 percent, from 0.225 pounds to 0.300 pounds per cubic metre.

The move is likely to further fan the flames of popular discontent, especially among poor and middle-class Egyptians who have borne the brunt of the government's economic reform programme.

* Sign up to News24's top Africa news in your inbox: SUBSCRIBE TO THE HELLO AFRICA NEWSLETTER

FOLLOW News24 Africa on Twitter and Facebook

In recent months, Egypt introduced its latest wave of price hikes for fuel, drinking water and electricity. It also raised the price of new cellular phone lines and monthly cellular phone bills. Charges for issuing passports and car licenses also went up steeply.

The austerity policies are part of measures taken to meet demands by the International Monetary Fund for a $12 billion bailout loan to support the government's reform plan. Egypt secured the three-year loan in 2016.

President Abdel-Fattah al-Sisi says the reforms, he implemented after he took office in 2014, have put Egypt on "the right track" and that they will spur economic growth by over seven percent in the coming years.

He urged Egyptians to be patient with the reforms, which the government says should start benefiting citizens within two years.

Read more on:    abdl fattah al-sisi  |  egypt  |  north africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News
 

And the Paws24 and Hill's winners are ...

Find out who the winners of our Paws24 pet pics and Q&a competitions are...

 

Paws

Keep your family and pets safe from rabies
5 scientific benefits of owning a cat
Why we love cats
8 great natural remedies for your pet
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.