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Egypt cuts natural gas subsidies to factories

CAIRO - Egypt slashed its natural gas subsidies to several industries increasing gas prices by 30-75 per cent, part of a broad government strategy to cut back subsidies that eat up to a fifth of its annual budget.


The new cut that was announced in the state's official gazette on Saturday came immediately after a decision to reduce car fuel subsidies, raising mainstream fuel prices up to 78 per cent. Egypt's government, appointed last month by the newly elected President Abdel Fattah al-Sisi, said it was determined to tackle the subsidies' burden and cut most within five years.


This new decision would increase the price of natural gas to eight dollars per one million thermal units for the cement factories and to seven dollars for the iron, steel, aluminium, copper, ceramic and glass industries.


 

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