Egypt Increases Cooking Gas Prices By 50%
Egypt has increased the price of cooking gas for homes and businesses, as well as the price of diesel used for power generation. This change takes effect immediately as part of the government’s effort to reduce subsidies gradually, according to an official statement.
Liquid cooking gas
- Price of Liquid Cooking Gas for Individuals
The price of liquid cooking gas for individuals has increased by 50%, now costing $3.09 (EGP 150). - Price of Liquid Cooking Gas for the Commercial Sector
For the commercial sector, the price has risen to $6.18 (EGP 300). - Price of Diesel for Power Generation
The price of diesel used for power generation and production stations has surged by 160%, reaching $133.74 (EGP 6,500).
Subsidy cuts
Egypt has started cutting subsidies on important goods and services. At the end of last month, Prime Minister Mostafa Madbouly said that the country might switch from subsidizing basic items to giving direct cash assistance to the poorest citizens starting next year.
Currently, over 60 million Egyptians, more than half the population, get subsidized goods like pasta, vegetable oil, and sugar at lower prices from state-run stores. Around 10 million people also benefit from subsidized bread.
The government also subsidizes fuel but plans to completely remove these subsidies by December 2025. On July 25, fuel prices in Egypt increased by up to 15%, with diesel seeing the biggest rise to $0.24 (EGP 11.5) per liter, just before a review of the International Monetary Fund (IMF) loan program.
Additionally, electricity prices for homes have gone up by as much as 40% as part of Egypt’s plan to slowly end energy subsidies.
Published: 18th Sep 2024
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