Egypt lost $10B in Suez Canal revenues amid regional instability: El-Sisi

Updated 3/15/2026 7:44:00 AM

Arab Finance: Egypt lost around $10 billion (EGP 500 billion) in Suez Canal revenues amid regional instability, President Abdel Fattah El-Sisi revealed during the Egyptian Family Iftar held on March 14th.

Following the outbreak of the US-Iran conflict, Maersk announced it would temporarily reroute some of its vessels away from the Suez Canal, citing “unforeseen constraints” in the Red Sea region.

During the iftar, El-Sisi noted that Egypt consumes around $20 billion (EGP 1 trillion) worth of petroleum products annually, with the largest portion used to operate power plants and energy facilities, and only a small portion used for vehicles.

“If the government were to require people to pay the actual cost of electricity, it would quadruple electricity bills compared to current levels, without any profit for the state,” the president affirmed.

He added, “It is neither logical nor fair to continue borrowing in foreign currency to cover these needs. The same applies to gas and other commodities, while we must ensure the availability of petroleum products to operate power stations and factories.”

Therefore, the president asserted that the government's recent decision to raise fuel prices was inevitable, assuring citizens that the situation is stable and the government does not intend to limit consumption or reduce loads.

He also pointed out that the state is planning to produce new and renewable energy, with the aiming to reach 42% of its energy production from these sources by 2030.

On March 11^th, El-Sisi reviewed efforts for boosting oil and gas production through hydraulic fracturing and horizontal drilling.