Egypt’s transportation ministry will double the price of Cairo's metro tickets to EGP 2 ($0.26) in an attempt to offset annual losses, estimated at EGP 250 million ($32 million), a spokesman said on Thursday.
The ministry’s proposal is scheduled to be handed to the Prime Minister on Saturday.
Students, low-income and disabled people will be exempt from the new rise through yearly subscriptions set on the current price of one Egyptian pound, Ahmed Ibrahim told Ahram Online.
“The decision won’t need parliamentary approval and is expected to be effective before the end of the current fiscal year 2015/16 in June,” Ibrahim said.
He added that the new price remains relatively low considering that people can travel long distances with a ticket and that fare evasion by passengers currently costs the state between EGP 50 million ($6.7 million) and EGP 60 million ($7.7 million) a year.
Cairo’s underground tube, launched in 1987, is one of the oldest in the Middle East and Africa, serving around 3.5 million passengers daily.
The metro generated around EGP 500 million ($64 million) in revenues last year.
The yet to be approved increase is expected to double the annual revenues, the spokesman said.
Construction operations in the fourth and final phase of the Capital subway's third line started last year.
This phase is expected to start running by 2017.
A Fourth line is expected to begin operations in 2019/20, according to government statements.