The Egyptian Cabinet denied the 30%-60% increase in electricity prices forecasted for July 2019 by the Egyptian media, Egypt Oil & Gas reports.

The Cabinet said that the assumed percentage is inaccurate and any official increase will be announced by the Cabinet through an official press conference.

Minister of Electricity Mohamed Shaker previously explained to the House of Representatives that maintaining current prices will result in a deficit of around EGP 36 billion in the ministry’s budget, and increase its debt to the Ministry of Petroleum to EGP 145 billion by the end of 2019.