Minister of Finance Mohamed Maait said that Oil prices staying at $122 per barrel will cost Egypt an additional $7.2 billion to the annual costs of the oil imports which the government will have to take into consideration in its budget.

During his interview with CNBC Arabia, Maait added that the prices of oil  have doubled and Egypt imports around 120 million barrels of oil per year.

Maiit added that higher global wheat prices would burden the government with an additional $3 billion.