Egypt will raise natural gas prices for households and businesses by up to 75% from the beginning of August, ABC News reported.
The price for gas consumption of up to 30 cubic meters will rise from EGP 0.100 to 0.175 per cubic meter, an increase of 75%. Consumption of between 30-60 cubic meters will go from EGP 0.175 to 0.250 per cubic meter, a 42.8% rise.
The price for consuming more than 60 cubic meters will also rise by 0.075, from EGP 0.225 to 0.300 per cubic meter.
Households in Egypt are either directly connected to the natural gas grid or rely on butane cylinders for heating and cooking purposes. The price of gas cylinders increased from EGP 30 to EGP 50 for households, and from EGP 60 to EGP 100 for commercial uses in mid-June.
The price hikes are part of the IMF-backed austerity program that aims to reduce the government’s budget deficit and stabilize its finances.
Since the loan was signed in November 2016 the government has increased fuel prices several times in a bid to gradually reduce the country’s dependency on government energy subsidies.