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Prices on Electricity, Public Transportation and Internet Soar as Egypt Ushers in New Year

January 4, 2024
Egypt’s Metro System has ran with no major issues for decades now. (Source: Meed)

Egypt has recently witnessed a considerable increase in prices on essential services such as the internet, electricity, and public transportation.

Last week, the Ministry of Communications and Information Technology announced that prices would increase by an average of 15-20 percent, citing the need to improve infrastructure and enhance the quality of service. These increases are affecting the cost of several prepaid plans and mobile recharge cards, both used by a large fraction of the Egyptian population.

Electricity is another essential service that has experienced a surge in prices. The government has raised electricity prices to reduce the burden on the national budget, which is strained due to broader economic challenges the country faces. According to news outlet Al Ahram, the new prices, which apply to both residential and commercial use, are effective from 1 January until 30 June.

It remains unclear whether the price hike of electricity will affect the long-lasting power cuts the nation has been facing since the end of 2023. Previously, state officials had announced that power cuts are likely to extend until March 2024.

The Egyptian government has also increased prices on public transportation, including metro fares and bus tickets.

As of Monday, metro prices increased from 5 EGP to 6 EGP (USD 0.19) for rides up to nine stations, 8 EGP to 7 EGP (USD 0.26) for rides up to 16 stations, and 12 EGP to 10 EGP (around USD 0.39) for journeys up to 23 stations.

The surge in prices has been justified as a means to lessen budgetary burdens while also helping the average Egyptian through the subsidy rationalization program.

According to a statement by Prime Minister Madbouly, the government is planning to reduce inflation to below 10 percent leading up to the year 2025.