Egypt increases natural gas prices for industries due to fluctuating energy costs.

Egypt has increased natural gas prices for various energy-intensive industries starting in May, as per a decree from the Prime Minister released on Sunday.

Earlier in March, the government raised domestic fuel prices by up to 17% in response to rising global energy prices and is aiming to cut fuel and electricity subsidies as part of an $8 billion agreement with the International Monetary Fund.

The new decree sets the average gas price increase at $2, bringing it to $14 per million British thermal units for cement plants, $7.75 for iron and steel, non-nitrogen fertilizers, and petrochemicals, and between $6.50 and $6.75 for other industrial activities and petrochemical facilities producing ethane and propane mixtures.

These price hikes do not affect consumers, whose gas supply contracts already feature pricing formulas, according to the decree.

Egypt's energy import expenses have more than doubled, and monthly natural gas import costs have nearly tripled since the onset of the U.S.-Israeli conflict with Iran, highlighting a greater dependence on LNG imports and regional suppliers.