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Egyptian Natural Gas Holding Company requests shipments for July, August and September
The tender, which closes on June 25, is being sought by state-run Egyptian Natural Gas Holding Company (EGAS) for shipments for July, August and September.
The power outage crisis has recently resurfaced in Egypt, as the authorities decided after the Eid al-Fitr holiday to implement a system of reducing electrical loads for two hours daily, through which they will cut off electricity alternately between regions.
“Phasing out electricity and petroleum subsidies”
Recently, Egyptian Prime Minister Mostafa Madbouly hinted at his country’s efforts to gradually eliminate electricity subsidies over the course of four years, and petroleum subsidies by the end of 2025.
Petroleum subsidies in Egypt exceeded EGP 100 billion ($2 billion) in the first 10 months of the current fiscal year 2023-2024, until the end of last April, according to Mohamed Maait, Egypt’s Minister of Finance, to George V Magazine. The fiscal year in Egypt begins on July 1 and continues until the end of June of the following year, according to the general budget law.
Egypt’s petroleum subsidies jumped 109% during the past fiscal year, reaching EGP 125 billion, compared to EGP 59.8 billion during the 2021-2022 fiscal year.
Egypt raised the prices of all gasoline categories by one pound, and increased the price of diesel last March by more than 21% to 10 pounds, from 8.25 pounds, whether for electricity production companies or the price of consumer delivery to car service and fueling stations.
AFP
