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Egypt hikes gas prices to EGP 0.40/m3 by May

Egypt hikes gas prices to EGP 0.40/m3 by May
The Egyptian government will raise natural gas prices for residential and commercial users of less than 25 cubic metres of gas per month from EGP 0.10 (USD 0.01) per cubic metre to EGP 0.40 (USD 0.06) per cubic metre , starting from next May. Minister of Planning Ashraf El-Araby denied any published news about up coming increase in Petrol prices ,according to Cable News Network (CNN). Egypt raised the price of the cylinders last year for the first time in two decades ahead of talks with the International Monetary Fund on a USD 4.8 bln loan. In realted context , Egypt expects to start Energy subsidy reforms starting from July, marking the beginning of 2014/2015 fiscal year.