Egypt raises domestic fuel prices by up to 30%, citing global energy market disruptions and soaring costs from the ongoing Middle East conflict.

CAIRO: Egypt has implemented significant domestic fuel price increases of up to 30%, attributing the move to exceptional global energy pressures stemming from the Middle East war.

The petroleum ministry announced the hikes on Tuesday, applying them to gasoline, diesel and natural gas used for vehicles.

In a statement, the ministry said the adjustments were driven by “disruptions in supply chains, rising risk levels and higher maritime shipping and insurance costs”, which have pushed petroleum product prices to “levels not seen in years”.

Diesel, one of Egypt’s most widely used fuels, rose by three Egyptian pounds to 20.50 pounds (USD 0.38) per litre, marking an increase of about 17.1%.

Prices for 80-octane gasoline rose by roughly 16.9% to 20.75 pounds per litre, while 92-octane gasoline increased by about 15.6% to 22.25 pounds.

The cost of 95-octane fuel climbed by approximately 14.3% to 24 pounds per litre.

Natural gas used for vehicles saw the largest hike, jumping 30% to 13 pounds per cubic metre.

The ministry’s announcement follows volatile global oil prices, which briefly surged above USD 119 a barrel before plunging to around USD 84 after US President Donald Trump said the US-Israel war with Iran would end soon.

This marks Egypt’s fourth fuel price increase over the past two years under an USD 8 billion loan programme from the International Monetary Fund.

An increase of up to 13% implemented in October was previously expected to be the last adjustment under the IMF plan.

 The Sun Malaysia