Written by: Salma El-Saqqa
Dr. Mostafa Madbouly, the Prime Minister, confirmed the truth regarding the statements circulating about electricity load shedding for periods ranging from 6 to 8 hours daily, explaining that what he presented during a previous session came within the framework of reviewing available scenarios to deal with the repercussions of rising global energy prices, and did not include any announcement of implementing this measure.
Oil prices and public budget challenges
The Prime Minister explained that the state's public budget for the current fiscal year was built on an estimated price of $75 per barrel of oil to meet the state's fuel and gas needs, while the current price exceeded the level of $110 per barrel, which imposed additional challenges on the budget.
Energy crisis response scenarios
Madbouly reviewed three scenarios for dealing with the rise in energy prices; the first is to burden the citizen with the full increase by raising prices, while the second scenario provides for the state to temporarily bear the cost difference despite its potential impact on increasing public debt, while the third scenario involves adhering to the specified financial allocations and reducing the quantities of purchased petroleum products by percentages ranging between 40% and 50%.
The state's position on financial burdens
The Prime Minister stressed that the state has chosen, at the current stage, to bear the financial burden resulting from rising prices to avoid imposing additional burdens on citizens, confirming that the economic group's decision stipulates that the state will bear part of the repercussions of the current global crisis instead of transferring its cost to the citizen.
