Egypt is set to save approximately 30 billion Egyptian pounds ($615 million) in its state budget for the 2024-2025 fiscal year following a significant increase in electricity prices. This development was confirmed by an official speaking anonymously to the “Asharq” news outlet.
The recent adjustments in electricity rates have seen hikes ranging from 14% to 40% for prepaid household meters. Additionally, tariffs for the commercial sector have surged by 23.5% to 46%, while the industrial sector faces increases between 21.2% and 31%. The new rates took effect at the beginning of September.
Despite the notable price hikes, the Egyptian government has yet to officially announce the changes. In his weekly press conference, Prime Minister Mustafa Madbouli downplayed the increase, describing it as “slight.”
These adjustments are part of broader economic measures aimed at bolstering Egypt’s financial standing amidst rising global energy costs.
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