Egypt announced on Tuesday fuel price increases of up to 30% due to “exceptional” pressures on global energy markets caused by the war in the Middle East.
The conflict has “led to a significant increase in import costs and domestic production costs,” Egypt’s Ministry of Petroleum said in a statement.
The ministry justified the decision by citing the “exceptional circumstances currently affecting global energy markets,” referring to “disruptions in supply chains, increased risks, and higher transportation and insurance costs.”
The price increases came into effect on Tuesday at 03:00 local time (01:00 GMT).
Natural gas for vehicles recorded the largest increase, rising 30% to 13 Egyptian pounds per cubic meter. Diesel, one of the most widely used fuels in Egypt, increased by three Egyptian pounds, or about 17%, reaching 20.50 pounds ($0.38) per liter, compared with 17.50 pounds previously.
The price of 80-octane gasoline rose by around 17% to 20.75 Egyptian pounds per liter. 92-octane gasoline increased by approximately 15.6% to 22.25 pounds per liter, while 95-octane gasoline climbed about 14% to 24 pounds per liter, according to the ministry.
The price of butane also increased by 22%, reaching 275 Egyptian pounds for a 15.5-kilogram cylinder.
Egypt has already raised fuel prices four times over the past two years as part of an economic reform program linked to an $8 billion aid package from the International Monetary Fund (IMF) over nearly four years.
Meanwhile, the price of Brent crude oil, the global benchmark, surpassed $119 per barrel before falling after U.S. President Donald Trump stated that the war was “almost” over. By Tuesday morning, it had dropped to around $93 per barrel, compared with roughly $67 a month earlier.
AFP
