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FINANCIAL NEWS
Egypt to raise natural gas, electricity prices for heavy industries
02 Jan 2012
(MENAFN) Egypt’s Finance Minister, Mumtaz Al-Saeed, said that in order to reduce the country’s budget deficit, the government would boost prices of natural gas and electricity paid by heavy industries by 33 percent, reported Arab News.
Al-Saeed added that the increase, which would take effect this month, would be applied to steel, cement and ceramics industries, moreover, it would cut the country’s deficit by USD3.3 billion.
On the other hand, he said that the hikes wouldn’t affect local fertilizer prices, furthermore, subsidies on gasoline and other petroleum products would stay the same, and the government wouldn’t add new taxes.
It is worth noting that Egypt’s deficit in the year that started on July 1, 2011 could be USD30 billion, according to the central bank’s governor, compared with USD22 billion in June forecasts.
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