Egypt has increased natural gas prices for several energy-intensive industries starting in May, according to a prime ministerial decree published on Sunday.
The decree raises the price of gas by an average of $2, reaching $14 per million British thermal units (MMBtu) for cement factories. Iron and steel, non-nitrogen fertilisers and petrochemical producers will now pay $7.75 per MMBtu, while other industrial activities and petrochemical plants using ethane and propane mixtures will pay between $6.50 and $6.75.
The increases do not apply to consumers whose gas supply contracts already include pricing formulas, the decree said.
The move follows a March hike in domestic fuel prices of up to 17% as Egypt responds to soaring global energy costs. The government is seeking to cut fuel and electricity subsidies under an $8 billion programme agreed with the International Monetary Fund.
Egypt’s energy import bill has more than doubled, while monthly natural gas import costs have nearly tripled since the outbreak of the U.S.-Israeli war with Iran. The country has increased reliance on LNG imports and regional producers.
