Egypt may take emergency steps if prolonged US Iran war pushes energy costs higher

Egypt may implement exceptional short-term measures to stabilise domestic prices if the US-Iran war drags on and global oil and gas prices rise sharply, Prime Minister Moustafa Madbouly said on Tuesday.

Speaking at a press briefing, Madbouly said the government is closely monitoring regional developments and their ripple effects on global energy markets, highlighting the vulnerability of supply chains, transportation, and production costs to geopolitical shocks.

“God willing, the war will not last long and we will not need exceptional measures. But if prices spiral out of control, we will have to take temporary steps to manage the crisis,” he said.

He noted that the US has pledged to prevent excessive energy price hikes, following a statement from the Secretary of State Marco Rubio on measures to curb market volatility.

Madbouly stressed that any action by the Egyptian government will be carefully based on on-the-ground realities, aimed at securing essential goods and maintaining supply stability for the domestic market.

Attribution: Amwal Al Ghad English