Madbouly outlines three key options for energy amid price increases
Prime Minister Mustafa Madbouly's statements focused on the challenges facing the country in dealing with the rise in global energy prices. The price of a barrel of oil increased from $75 to around $110, placing additional burdens on the Egyptian economy. Madbouly presented three main options to address this increase: fully passing the costs onto citizens, having the state absorb the rise through its resources or borrowing, or reducing allocations and purchasing fuel according to the new prices, with the possibility of supply shortages. He emphasized that the best approach is to protect citizens from the repercussions of rising costs while maintaining economic stability. The state remains committed to implementing projects to develop renewable energy, aiming to increase its share to 50% by 2030, at a cost of roughly 200 billion Egyptian pounds to improve electricity networks. Despite the rising costs and their impact on the public budgets, current efforts have been intensified to ensure the continuity of energy supplies amid the ongoing crisis.
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