Egypt postpones 3rd electricity price hike to mitigate burdens on citizens

Egypt’s President Abdelfattah al-Sisi Monday revealed that the North Arab republic has postponed a third rise in electricity prices to mitigate burdens on citizens caused by the global economic crisis, reports say.
The Egyptian leader who spoke during the inauguration of the livestock, dairy, and mechanized slaughterhouses complex in Menoufia’s Sadat City also indicated that 17 million users will benefit from that decision, which means that 17 million apartments are paying less than 50% of energy prices.
He also stressed that the new electricity pricing program has been postponed for the third time due to international and local circumstances, but it should be taken into consideration that the cost of electricity production has already increased due to such circumstances which were coupled with a surge in oil prices.
Also according to him, the price of natural gas that is used for electricity production is four or five times higher than before. Like many countries around the world, Egypt is feeling the effects of the ongoing crisis between Russia and Ukraine; a crisis that caused prices of commodities to go through the roof.

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