Egypt hikes natural gas prices by up to 75%

Egypt on Saturday raised natural gas prices for households and businesses between 33 and 75 percent, the latest among austerity measures aimed at rebuilding the country’s economy.

The government has classified three price tiers based on consumption, according to a statement published by the official gazette.

The first tier is for consumption of up to 30 cubic meters, for which the price has been raised from EGP 1 to EGP 1.75.

The second tier is for consumption between 30 and 60 cubic meters, costing EGP 2.50 instead of EGP 1.75.

The third tier is for consumption between 60 and 300 cubic meters at EGP 3 instead of EGP 2.25.

Egypt has embarked on a plan to introduce a number of fiscal reforms, including fuel subsidy cuts, part of a $12 billion IMF loan program signed in 2016. The country has also introduced price hikes for water and electricity, raised the prices of new mobile phone lines, and increased prices for issuing passports as well as car licenses.

President Abdelfattah ElSisi has mentioned that the ongoing reforms are meant to put Egypt on the right track for economic growth.