Egypt’s Ministry of Petroleum and Mineral Resources announced on Monday that there are no new changes to natural gas prices for homes and businesses.
A ministry statement explained that reports spread on Sunday concerned prices that were approved during the last package in September, in an effort to narrow the gap between prices and production costs.
The statement assured the ministry’s keen desire to provide accurate information on fuel and product prices.
Professor of Petroleum Engineering Ramadan Abul-Ela explained that the prices of natural gas for homes and businesses issued by the government were part of a package issued in September, with the aim of narrowing the gap between prices and production costs.
During a phone-in with Al-Hayat channel, on Monday evening, Abul-Ela said that the price of a meter of natural gas globally is 10 cents, which is equivalent to about LE10.
“The price of a meter in Egypt for the first category up to 30 meters is 235 piasters, and up to 60 meters is 310 piasters, and more than 60 meters is 360 piasters, while the global price is equivalent to LE10,” he explained.
Abul-Ela pointed out that the global price of gasoline is about $1.32, or about LE 65, explaining that Octane 95 – the highest quality – is sold for only about LE 17 in Egypt.
He expected that no new increase in the prices of natural gas allocated to homes will be approved during the coming period, adding: “There are assignments from the political leadership to take into account the social dimension and not to increase prices.”
Edited translation from Al-Masry Al-Youm
