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Madbouly outlines options for rising oil prices
The article focused on Prime Minister Mostafa Madbouly's statements regarding the measures Egypt is taking to handle the rise in the barrel of oil to approximately $110, compared to the budget that was based on a price of $75. Madbouly presented three main options to cover the increased energy costs: fully passing the increase onto citizens, having the state absorb it through funding or borrowing, or maintaining current allocations while restricting fuel supplies, warning that the third option could require harsh measures such as reducing electricity loads. He also pointed out that the costs of new and renewable energy projects have risen significantly, and that the state aims to increase the share of clean energy to 50% by 2030, with 200 billion Egyptian pounds allocated to develop the electricity grid. Despite rising global costs, the government continues to bear the majority of the burden of providing energy to citizens.
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