Egyptian Natural Gas Holding Company (EGAS) approved an EGP 800 hike in natural gas fees, Egypt Gas’ Head, Hisham Radwan told Ahram Gate.
The fee will rise by EGP 800 to reach EGP 1,800 per household, the newspaper reports.
The new rate will be applied retroactively from the beginning of fiscal year (FY) 2017/2018, Egypt Gas said in a statement, according to Al Mal News. The fee increase will impact 150,000 households during the current fiscal year, resulting in new revenues of EGP 120 million.
For FY 2016/2017, Egypt Gas registered negative profits of EGP 52.393 million, 11.6% higher than its losses of EGP 46.94 million in FY 2015/2016.
The company’s revenues rose even as its losses increased. In FY 2016/2017, revenues rose 5.8% to EGP 675 million compared to EGP 638 in FY 2015/2016.
There are currently over 8 million households attached to Egypt’s natural gas grid, Amwal Al Ghad reported last month. EGAS plans to increase this number to 9 million next year.