Cairo – Mubasher: The Egyptian government is planning to phase out electricity subsidies by 2022, electricity minister Mohamed Shaker told CNBC.
Following the liberation of the EGP exchange rate against the USD in November 2016, the cost of electricity generation increased in Egypt, which prompted the government to up power tariffs more than once, Shaker added.
On Tuesday, the minister announced that electricity tariffs would be increased by 14.9% in fiscal year 2019/2020.
The new hikes in electricity prices will be effective starting from 1 July.
