CAIRO, July 21 (Xinhua) -- Egypt on Saturday increased the prices of natural gas by up to 75 percent, official news agency MENA reported.
The move aims to meet an International Monetary Fund (IMF) loan deal and push the implementation of economic reform plans, the report said.
Egyptian Prime Minister Mostafa Madbouli issued the decision to raise the prices based on tiered gas pricing system, the report said.
The price for one cubic meter of gas increased from 100 piasters (about 0.06 U.S. dollars) to 175 piasters for those consuming 0 to 30 cubic meters, the report said.
People who consume 30 to 60 cubic meters will pay an increase of up to 43 percent.
The new decision will be enforced in August.
In June, Egypt increased fuel and electricity prices by up to 66.6 percent and 26 percent respectively, also moves described by the IMF to continue the implementation of the country's economic reform program.
Over years of instability due to turmoil, Egypt has suffered economic recession. It started a strict three-year economic reform program based on austerity measures including fuel and energy subsidy cuts and tax hikes.
The IMF supported Egypt's economic reform plan with a 12-billion-dollar loan, two thirds of which has already been delivered.
