Electricity prices to rise by 12% instead of 20%

August 7, 2011 21:21

Finance Minister Yuval Steinitz issued a statement Sunday evening reducing the planned hike in electricity prices on Monday from 20% to only 12%, Globes reported.

The price of electricity was expected to rise by 20% on Monday as a result of rising demand, an increase in fuel prices worldwide, and the repeated disruption of natural gas flow from Egypt after numerous bombings of the gas pipelines bringing fuel to Israel from Egypt, according to the report.

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