Egypt has announced nationwide energy-saving measures as rising fuel costs linked to the ongoing US–Israel conflict with Iran place pressure on its economy.
Prime Minister Mostafa Madbouly said natural gas import costs have surged to $1.65bn per month, up from $560mn prior to the conflict, prompting restrictions on electricity use and potential remote working policies.
Most shops and cafés in Cairo will close at 9pm on weekdays, while street lighting and illuminated billboards are being reduced. Energy-intensive infrastructure projects are also being delayed.
Several oil and gas-importing countries across Africa and Asia have sought to curb energy use in the face of higher prices and fuel shortages amid ongoing Strait of Hormuz disruptions.
• Natural gas import costs have tripled amid regional instability
• Egyptian pound has weakened to 52 per US dollar, a record low
• Around $8bn in foreign investment has exited local debt markets
• Subsidised fuel prices increased by 12–22%
Despite pressures, IMF spokesperson Julie Kozack said recent exchange rate reforms are helping stabilise reserves. Economists note tourism and financial buffers may limit wider economic disruption.
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