Sunday 22, July 2018 by Kudakwashe

Egypt increases gas prices by up to 75 per cent in line IMF austerity plan

 

The Government said that, from 1 August, the price for consuming up to 30 cubic metres of gas had been set at EGP 0.175 per cubic metre up from EGP 0.100.

  

The Egyptian government has announced a 75 per cent increase on the price of natural gas for home and commercial in line with IMF austerity plan.

In a statement, the government said that the price for consuming between 30 and 60 cubic metres was set at 0.250 pounds, up from 0.175 pounds, while consumption of more than 60 cubic metres was set at 0.300 pounds from 0.225 pounds.

Price hikes under the three-year IMF programme has helped drive up Egypt’s annual urban consumer inflation rate to 14.4 per cent in June.

The increase in the price of gas follow increase in electricity and public transport prices that are part of a $12 billion IMF loan programme signed in 2016.

  

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more