Riyadh: Oil and wheat prices in Egypt are set to double, Finance Minister Mohamed Maait has warned.
As oil has soared to $122 per barrel, a $60 increase from its original amount, the Egyptian economy will incur an annual cost increase of $7.2 billion, he said in an interview with CNBC Arabia.
The yearly imported amount of wheat will cost an additional $3 billion, Maait disclosed.
He reiterated that Egypt’s low production of these commodities has increased price pressures.
