The Ministry of Electricity said that electricity prices must be hiked in fiscal year (FY) 2019/20, Alborsa reported.

Maintaining current prices will cause a deficit of around EGP 36 billion. Moreover, the Ministry of Petroleum will be owed about EGP 145 billion by the end of 2019, according to the minister of Electricity, Mohamed Shaker.

Moreover, the ministry plans to increase operations efficiency and reduce fuel consumption. The average consumption of equivalent mazut per kilowatt has reached 190 grams and saves around EGP 288 million per year.