Egypt hikes natural gas prices by up to 75 percent

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Egypt hikes natural gas prices by up to 75 percent

Post by DJKeefy » Sat Jul 21, 2018 6:04 pm

Egypt raised natural gas prices for households and businesses on Saturday by between 33.3 and 75 percent, the latest among tough austerity measures aimed at rebuilding the country’s economy battered by years of unrest since a 2011 uprising.

The government’s decision, published in the official gazette on Saturday, should come into effect starting August. It sets the price for gas consumption of up to 30 cubic meters to 0.175 Egyptian pounds up from 0.100 pounds per cubic meter, an increase of 75 percent.

Meanwhile, gas consumption between 30-60 cubic meters went up by 42.8 percent, from 0.175 Egyptian pounds to 0.250 pounds per cubic meter. Consumption of over 60 cubic meters was upped by 33.3 percent, from 0.225 pounds to 0.300 pounds per cubic meter.

The move is likely to further fan the flames of popular discontent, especially among poor and middle-class Egyptians who have borne the brunt of the government’s economic reform program.

In recent months, Egypt introduced its latest wave of price hikes for fuel, drinking water and electricity. It also raised the price of new cellular phone lines and monthly cellular phone bills. Charges for issuing passports and car licenses also went up steeply.

The austerity policies are part of measures taken to meet demands by the International Monetary Fund for a $12 billion bailout loan to support the government’s reform plan. Egypt secured the three-year loan in 2016.

President Abdel-Fattah el-Sissi says the reforms, he implemented after he took office in 2014, have put Egypt on “the right track” and that they will spur economic growth by over seven percent in the coming years.

He urged Egyptians to be patient with the reforms, which the government says should start benefiting citizens within two years.

Source: The Associated Press


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Re: Egypt hikes natural gas prices by up to 75 percent

Post by Horus » Sat Jul 21, 2018 7:49 pm

:lol: :lol: I bet they can't wait for all the benefits to come rolling in, poor devils :st
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Re: Egypt hikes natural gas prices by up to 75 percent

Post by Dusak » Sun Jul 22, 2018 9:47 am

My friends niece had to buy a new sim from Vodafone the other day, up from 25Le to 125Le [purchase now taxed] I can not help thinking about all those Egyptians that have had the natural gas installed, hoping all their friends without would think them as being ''posh. Now just as **** poor as those that could't afford the installation. Here in Egypt, daily life is just one big circle.
Life is your's to do with as you wish- do not let other's try to control it for you. Count Dusak- 1345.

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Re: Egypt hikes natural gas prices by up to 75 percent

Post by Major Thom » Mon Jul 23, 2018 3:56 am

But will it ever decrease once the loan is paid off? NO!

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Re: Egypt hikes natural gas prices by up to 75 percent

Post by newcastle » Mon Jul 23, 2018 7:25 am

Major Thom wrote:But will it ever decrease once the loan is paid off? NO!
Of course it won't. :a23:

The principle reason for all the price rises is the reduction of subsidies in order to realign the economy. It would be madness to reintroduce subsidies.

The price of fuel, public transport etc etc is drawing nearer to the actual cost of providing it......no bad thing.

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Re: Egypt hikes natural gas prices by up to 75 percent

Post by Major Thom » Tue Jul 24, 2018 4:38 am

The trouble is the authorities are making it out to be a stop gap with the terrible financial problems that are gripping the Country at the moment, with carefully chosen words....

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Re: Egypt hikes natural gas prices by up to 75 percent

Post by Dusak » Tue Jul 24, 2018 8:34 am

Major Thom wrote:The trouble is the authorities are making it out to be a stop gap with the terrible financial problems that are gripping the Country at the moment, with carefully chosen words....
Good advice that, using carefully chosen words... how's that working out for you then? :lol:
Life is your's to do with as you wish- do not let other's try to control it for you. Count Dusak- 1345.

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