"Egypt's Prime Minister Mostafa Madbouly stated, "These measures aim to mitigate the effects of energy import costs due to high global oil prices." He noted that natural gas imports surged from $560 million per month in January to $1.65 billion in March."
"Madbouly highlighted that Egypt's petroleum bill more than doubled from $1.2 billion per month to $2.5 billion per month since January, emphasizing the financial strain on the country."
Egypt has mandated early closures for stores and malls, encouraged remote work, and dimmed street lights in response to soaring energy costs. The conflict in Iran has significantly increased the price of oil and natural gas imports, which are vital for Egypt's energy supply. The country has seen a dramatic rise in natural gas import costs, with monthly expenses tripling since January. These measures aim to alleviate the financial burden caused by high global oil prices and uncertain war duration.
Read at Miami Herald
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