Egypt has increased domestic fuel prices by as much as 30 per cent, citing extraordinary global energy pressures triggered by the ongoing Middle East conflict, which has disrupted oil supply and shipping routes.
The price adjustments, announced on Tuesday by the Egyptian Petroleum Ministry, affect gasoline, diesel and natural gas used by vehicles.
In a statement, the ministry explained that the increase was driven by supply chain disruptions, rising geopolitical risks, and higher maritime shipping and insurance costs, which have pushed petroleum product prices to levels not seen in years.
Global oil prices briefly rose above $119 per barrel on Monday but later dropped to about $84 after United States President Donald Trump said the US-Israel conflict with Iran could end soon.
Diesel, one of the most commonly used fuels in Egypt, rose by three Egyptian pounds, about 17.1 per cent, to 20.50 pounds ($0.38) per litre from the previous 17.50 pounds.
Similarly, the price of 80-octane gasoline increased by roughly 16.9 per cent to 20.75 pounds per litre, while 92-octane gasoline rose by about 15.6 per cent to 22.25 pounds per litre.
The cost of 95-octane gasoline also climbed by approximately 14.3 per cent to 24 pounds per litre.
Natural gas used in vehicles recorded the highest increase, jumping by 30 per cent to 13 pounds per cubic metre.
Egypt has raised fuel prices four times in the past two years as part of an $8bn loan agreement with the International Monetary Fund.
An earlier increase of up to 13 per cent in October had been expected to be the final adjustment under the programme.
AFP.
Advertisement
