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Tuesday, 6 February 2018

Electricity Ministry begins holding meetings to determine the new electricity prices

Electricity prices to rise in July, all consumption / income tiers to be hit; no imminent fuel price hikes -Oil Ministry. The Electricity Ministry is actively working on new electricity prices set to come into effect in July, said minister Mohamed Shaker, according to Al Borsa. He appeared to imply that the new price hikes will impact all consumption tiers, including those on the lower end of the income / consumption spectrum. He also noted that an appreciating EGP would help blunt the price hike. Shaker said that the Egyptian Electric Utility and Consumer Protection Agency (Egyptera) is currently studying its pricing formula. Electricity ministry sources had said last week that the hikes for the lowest tier of consumers will be limited to 15%, after it had initially been planned to increase 25%. They say the reduction comes as the government pushed back eliminated subsidies on electricity to 2020, instead of 2019.

Gov’t downplays rumors of an imminent hike in fuel prices: The fear of price hikes in the FY2018-19 fiscal year has been driving speculation in the press of a hike in fuel prices coming ahead of schedule. A number of news outlets had been reporting rumors on social media over the past week that fuel hikes were imminent, prompting dismissals from the Oil Ministry and the Ismail cabinet’s Information and Decision Support Center, Ahram Online reports.

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