Egypt's PM Warns Against Monopolistic Practices in Markets

Egyptian Prime Minister Mostafa Madbouly said the government will firmly confront any attempts to manipulate prices or monopolize essential goods, stressing that authorities will act decisively to protect consumers and maintain market stability.

Madbouly made the remarks while chairing a cabinet meeting at the government headquarters in the New Administrative Capital, where ministers reviewed the latest regional developments and the government’s contingency plans to address potential economic and energy impacts.

The prime minister highlighted the key messages delivered by President Abdel Fattah El-Sisi during the Armed Forces’ annual Ramadan iftar marking the anniversary of the 10th of Ramadan victory, noting that the speech outlined Egypt’s guiding principles and strategic approach toward the ongoing regional crisis.

Madbouly also referred to a meeting held earlier with the president to review emergency plans and alternative scenarios in the electricity and petroleum sectors aimed at maintaining stable power generation. The government, he said, is working to secure sufficient fuel supplies and ensure continuous electricity production across the country.

As part of these efforts, Egypt plans to add 2,500 megawatts of renewable energy capacity to the national grid before the upcoming summer season.

The prime minister said the government is prioritizing the maintenance of strategic reserves of petroleum products to guarantee the supply of natural gas needed for electricity generation, both for household consumption and industrial sectors.

He added that the state is working to secure financing for ongoing energy projects and accelerate the settlement of outstanding dues owed to foreign energy companies operating in Egypt. This step, he said, aims to encourage further investment in the country’s energy sector.

Madbouly also noted that Egypt is strengthening its infrastructure to receive liquefied natural gas imports, including the deployment of floating regasification units, while continuing to boost domestic exploration and production activities.

Addressing potential economic pressures linked to the regional crisis, the prime minister stressed that the government is closely monitoring the availability of strategic food commodities.

He said ministers have been instructed to intensify field inspections of markets in coordination with regulatory authorities to ensure that essential goods remain available in sufficient quantities and at fair prices.

Madbouly warned that any attempts at hoarding, monopolistic practices, or unjustified price increases would be confronted firmly under the law.