World Bulletin / News Desk
The new hikes will be effective as of the new Fiscal Year, which starts in July, Electricity Minister Mohamed Shaker told a press conference in Cairo.
Earlier this month, Egyptian authorities hiked prices of piped drinking water by up to 45 percent.
Egyptian authorities have slashed subsidies in recent years as part of a $12 billion IMF loan to overhaul the country’s economy, which has been hard-hit by political unrest that followed the ouster of autocrat Hosni Mubarak in a popular uprising in 2011.
Prices have sharply skyrocketed as a result of the measure, hard-hitting poor and middle-class people in the Arab country.
President Nicolas Maduro has described the move as a "great change" as the government attempts to halt spiraling hyperinflation that the International Monetary Fund predicts will hit a staggering one million percent this year.
The year-over-year increase in consumer prices was the largest since September 2011 and follows a 2.5 percent rise in June of this year. Analysts had expected it to remain flat.
Consumer confidence index stands at 68.3 this month, compared to 73.1 in July, according to official data
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The "informed source" in Iran's oil ministry did not give details of the discount, but sought to downplay the move as common industry practice.
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