Egypt is facing a sharp rise in energy costs, with its import bill more than doubling since the outbreak of the US-Israeli war involving Iran, Prime Minister Mostafa Madbouly has revealed.
Speaking at a press conference, Madbouly said the country’s energy import expenses have increased by up to two-and-a-half times compared to pre-war levels. The monthly cost of natural gas alone has nearly tripled, rising from approximately $560 million to around $1.65 billion for the same volume of imports.
The surge reflects broader global trends, with oil prices climbing from $69 per barrel before the conflict to over $108, while diesel and liquefied petroleum gas have also seen steep increases. These developments have significantly intensified pressure on Egypt’s public finances.
Highly dependent on imported fuel—particularly natural gas—Egypt remains vulnerable to global market fluctuations, especially as domestic production has declined since its 2021 peak.
Economic analysts warn that rising oil prices could increase government spending by up to 0.55% of GDP, further straining the national budget.
In response, authorities have begun implementing energy-saving measures, including raising fuel prices and introducing earlier closing hours for commercial venues. Starting March 28, shops, restaurants, and malls will close by 9 p.m. for at least one month.
The government is also considering introducing remote working for one or two days per week across both public and private sectors as part of efforts to reduce energy consumption.
Source: TRT Africa
