Egypt will raise domestic electricity prices by more than 41 per cent from 1 July, coinciding with the start of the fiscal year 2023-2024, an informed source in the Parliament's Plan and Budget Committee revealed yesterday.
A source told Al-Araby Al-Jadeed news site that the government has decided to postpone increasing the electricity prices to 1 July in response to the directives of President Abdel Fattah Al-Sisi.
The source, who asked not to be named, explained that according to the government's restructuring plan for the electricity sector, the kilowatt price for the first band (up to 50 kilowatts per month) was increased from 48 piasters to 58 piasters at the start of the 2022-2023 fiscal year and then to 68 piasters at the beginning of the 2023-2024 fiscal year, that is a 41.66 per cent increase.
According to the source, prices for the second band (from 51 to 100 kilowatts) will increase from 58 piasters to 68 piasters, an increase of 17.24 per cent, and the third band (up to 200 kilowatts) will rise from 77 piasters to 90 piasters, an increase of 16.88 per cent while the fourth band (from 201 to 350 kilowatts) will increase from 106 to 119 piasters, an increase of 12.26 per cent.
The prices of the fifth band will see a price increase of 5.46 per cent and the sixth band by 3.57 per cent.