Egyptian government raises industrial natural gas price floor
Updated
Updated · Egypt Oil & Gas · May 3
Egyptian government raises industrial natural gas price floor
12 articles · Updated · Egypt Oil & Gas · May 3
Under Prime Minister Mostafa Madbouly's Decree 1306, the new minimum is $6.50/MMBtu, with cement at $14, iron and steel, non-nitrogen fertilizers and petrochemicals at $7.75, and other industries at $6.75.
The measure, published in the official gazette, reflects rising international oil and gas prices and Egypt's surging import bill for energy.
It follows March fuel price increases of up to 17% as Cairo cuts fuel and electricity subsidies under an $8 billion IMF programme amid Middle East tensions and Strait of Hormuz disruption.
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