Egypt enacts energy-saving measures as import costs rise

Egypt ordered early business closures, remote work days and dimmed street lighting to reduce energy import costs; officials reported natural gas import bills rose from $560 million in January to $1.65 billion in March.

Egypt has ordered early closures of stores and malls, asked many employees to work from home, and directed that street and advertisement lighting be dimmed as energy-saving measures, the article reported. Officials said the measures aim to reduce the cost of imported oil and liquefied natural gas after prices rose sharply since January. Prime Minister Mostafa Madbouly reported that monthly natural gas import costs rose from $560 million in January to $1.65 billion in March and that the petroleum bill more than doubled in the same period. The government cited disruptions to shipments through the Strait of Hormuz amid the wider conflict involving Iran as a key factor in higher global fuel prices. Key facts: - The government announced a package of steps including early business closures, limits on in-person work days for many employees, dimming public lighting by about 50%, and reduced fuel use for government vehicles. - Prime Minister Mostafa Madbouly described the measures as intended to mitigate higher energy import costs and provided the reported monthly import cost increases for natural gas and petroleum since January. - The article reports that interruptions to traffic through the Strait of Hormuz contributed to higher global energy prices. - Egypt is reported to be engaged in talks with other countries about the conflict, but officials said there is no clarity on the duration of the situation. Summary: The measures are intended to lower government energy spending while global fuel prices remain elevated; reported import bills rose significantly since January. Undetermined at this time.