Egypt has raised fuel prices by up to 30% due to disruptions in global energy markets.
On Tuesday, the Egyptian Ministry of Petroleum and Mineral Resources announced that the new increases will affect several petroleum products, including natural gas used in vehicles. The adjustments were attributed to supply chain disruptions, heightened risks, and rising shipping and insurance costs.
In related news, global oil prices surpassed $119 per barrel on Monday before dipping to around $84 following comments from U.S. President Donald Trump, suggesting that the American-Israeli conflict with Iran may soon come to an end.
Within Egypt, the price of diesel, one of the most widely used fuels in the country, increased by three Egyptian pounds, marking a 17.1% rise to reach 20.50 pounds per liter, up from 17.50 pounds previously.
Additionally, the price of 80-octane gasoline rose by approximately 16.9% to 20.75 pounds per liter, while 92-octane gasoline increased by 15.6% to 22.25 pounds. The price of 95-octane gasoline went up by 14.3% to reach 24 pounds per liter.
Natural gas for vehicles saw the largest hike, reflecting a 30% increase, bringing it to 13 pounds per cubic meter.
It is noteworthy that Egypt has raised fuel prices four times over the past two years as part of an $8 billion financing program with the International Monetary Fund, despite the last announced increase in October being expected to be the final adjustment under this plan.
