(AP) — It’s an attempt to blunt the impact of rising oil prices on the country’s treasury, as energy is partially subsidized in Egypt, Prime Minister Mostafa Madbouly told reporters Wednesday. The rule takes effect March 28.
Also, all Cabinet headquarters buildings will switch off their electricity after 6 p.m. starting next week, he said.
Egypt is not directly affected by the war, however the country is a net energy exporter and is bracing for new inflationary waves as oil prices rise.
