Sources in the industrial sector suggested announcing gas prices for factories very soon, through the formed committee of the Presidency of the Council of Ministers, represented by the ministries of industry, finance, petroleum and electricity.
In exclusive statements on the seventh day, the sources revealed that there is a tendency within the committee to reduce gas prices for factories by 50 cents or $ 1, so that the price of one million thermal units falls to between 4 or 3.5 dollars per million thermal units, according to the information available so far.
For his part, Muharram Hilal, head of the Investors Union, said that a memorandum had been submitted to the cabinet to reduce gas prices for factories to 3.5 dollars per million thermal units, indicating that the council welcomed the proposal, studied it, and announced a decision as soon as possible, suggesting that gas prices will be announced very soon.
Hilal added, for the seventh day, that the Council of Ministers welcomed the proposal of the Union of Investors, pointing out that reducing gas prices for factories will lead to reducing costs for the industrial sector, explaining, “The Cabinets approval was to reduce gas for one industrial sector, but with the Union’s demands, the Council expressed its readiness to consider Reduction demands for the industrial sector as a whole.
It is noteworthy that reducing the gas price reduces the production cost of factories, which makes them preserve the sectors jobs, and also the reduction in gas prices contributes to increasing exports of the sector in light of an external need for the Egyptian product, but the high production cost is currently reducing the demand for exports.
Domestic production must be protected from the inundated practices of importers, and the current reality of the national industry, including energy-intensive industries, including iron and steel, always pushes us to support the industry because of its great role in creating jobs, making products available to domestic markets in addition to exporting the surplus, which provides hard currency and then Adjust the trade balance for Egypt.
The industrial sector is going through a large number of challenges, including the high selling price of one million thermal units, which is scheduled for $ 4.5, as it is still higher than the global price, which increases the demands of reducing it and selling at the global price.