EFIA Proposes Applying “Gas Dollar” Mechanism

EFIA Proposes Applying “Gas Dollar” Mechanism

The Egyptian Federation of Investors Associations (EFIA) will prepare a proposal for the Ministry of Finance (MoF) in order to determine gas prices for manufactures through a new mechanism named “gas dollar” that will be like the “custom dollar” set by the MoF, EFIA’s Head of Tax and Customs Committee, Sobhi Nasr, said to Youm7 newspaper.

Nasr added that the “gas dollar” would also be reviewed monthly like the “custom dollar”, noting that it would be generalized on all the domestic industries.

The EFIA plans to convene a meeting to discuss the government’s latest procedures that had been conducted on Thursday, October 3, 2019 to cut gas prices in favor of three industries: iron, cement, and ceramic, Nasr said.

Early in October 2019, the manufactures highly appreciated the decision issued by the cabinet regarding gas prices, as it set the price at $6 for the cement industry, and $5.5 for the industries of iron, steel, aluminum, copper, ceramic, and porcelain.


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