Egypt raises electricity prices by up to 50 percent

By Alimat Aliyeva

Egypt is raising electricity prices by up to 50 percent under an agreement with the International Monetary Fund (IMF), Azernews reports.

The increased electricity prices will apply to regular electricity consumers from October 1. The increase will range from 14.45 percent to 50 percent, according to Reuters.

The latest tariff increase was supposed to take effect in early summer, but was postponed as the country faced a shortage of electricity due to increased demand for indoor cooling.

Egypt needs to import about $1.18 billion worth of fuel oil and natural gas to put an end to the constant power outages exacerbated by successive heat waves. The country generates most of its electricity by burning natural gas.