- Egypt has increased domestic fuel prices by up to 30 per cent following disruptions in global energy markets linked to the Middle East conflict.
- The government said rising oil prices, shipping costs and supply chain risks forced the price adjustments.
Egypt has raised domestic fuel prices by up to 30 per cent. Authorities blamed exceptional global energy pressures linked to the Middle East conflict. The price adjustments took effect on Tuesday, March 1o. The changes affect gasoline, diesel and natural gas used in vehicles.
The Egyptian Ministry of Petroleum and Mineral Resources announced the increases in a statement. Officials said disruptions in supply chains drove the decision. Rising maritime shipping and insurance costs also pushed fuel prices higher.
According to the ministry, petroleum product prices have reached levels not seen in years.
Global oil prices have fluctuated sharply during the conflict. Benchmark crude briefly rose above $119 per barrel on Monday. Prices later fell to about $84 after Donald Trump said the war between the United States, Israel and Iran could end soon.
Diesel, one of Egypt’s most widely used fuels, rose by three Egyptian pounds per litre. The price increased from 17.50 pounds to 20.50 pounds. This represents an increase of about 17.1 per cent. The price of 80-octane gasoline climbed to 20.75 pounds per litre. The increase represents roughly 16.9 per cent.
Authorities also raised the price of 92-octane gasoline. The fuel now sells for 22.25 pounds per litre, an increase of about 15.6 per cent. Meanwhile, the price of 95-octane gasoline rose to 24 pounds per litre. The adjustment represents an increase of about 14.3 per cent.
Natural gas used for vehicles recorded the largest increase. The price jumped by 30 per cent to 13 pounds per cubic metre.
In addition, Egypt has raised fuel prices several times in recent years. The increases form part of economic reforms linked to an $8 billion programme with the International Monetary Fund (IMF).
Authorities implemented four fuel price increases within the past two years. An earlier adjustment of up to 13 per cent in October had been expected to be the final increase under the reform programme.