Egypt raises natural gas prices

CAIRO - 21 July 2018: Egypt's cabinet raised the prices of natural gas piped into households and the commercial sector to LE1.75 - LE3 ($0.09 - $0.17) per cubic meter on Saturday.

The decree published in the Egyptian official gazette Al-Waqa'i' al-Misriyya indicated that the decision is among the measures taken by the state to gradually cut energy subsidies.

The increase will be put into effect in August.

Residential and commercial consumers of less than 30 cubic meters per month used to pay LE1 ($0.5) per cubic meter, while the rates for the second consumption bracket (between 30-60 cubic meters) was LE1.75 per cubic meter, and the bracket above 60 cubic meters was LE2.25.

Last month, Egypt raised fuel prices for the fourth time since 2014 to meet IMF loan's terms that entail the complete removal of fuel subsidies.

95 gasoline prices went up from LE 6.6 (US$ 0.37) per litre to 7.7, while 92 octane gasoline price amounted to LE 6.75 instead of 5 per litre. Prices of gasoline 80's liter increased to LE 5.5 instead of 3.65, the newly-appointed government said in its first move since taking oath Thursday.

The price of diesel became LE 5.5 a liter instead of LE 3.65, while the price of the natural gas used for vehicles rose to LE 2.75 per cubic meter instead of LE 2.

Meanwhile, government has announced the raising the price of the cooking gas cylinder to LE 50 instead of 30 and the commercial gas cylinder's prices surged to LE 100 instead of 60.

The new pricing officially came into effect on June 16, 2018 at 9:00 AM, as per the government's decision.