Egypt has announced new increases in fuel prices, with several petroleum products rising between 14% and 17%, as global energy markets remain under pressure due to escalating tensions in the Middle East.
In a statement on Tuesday, the Ministry of Petroleum said the decision was driven by the exceptional geopolitical developments affecting global oil and gas supplies, particularly the impact of the ongoing conflict involving the United States, Israel and Iran.
The move follows earlier warnings from Prime Minister Mostafa Madbouly, who indicated that the government might adopt extraordinary economic measures if the regional crisis continued to drive global fuel prices higher.
Under the new pricing structure, diesel prices increased by 3 Egyptian pounds, rising from 17.50 pounds to 20.50 pounds per litre. Gasoline prices also rose significantly, with 80-octane reaching 20.75 pounds, 92-octane climbing to 22.25 pounds, and 95-octane increasing to 24 pounds per litre.
The adjustment comes as global oil and gas markets experience disruptions in Middle Eastern energy exports, following attacks on shipping routes and energy infrastructure that have affected production in several countries.
Egypt has been gradually reducing fuel subsidies as part of economic reforms supported by the International Monetary Fund, implementing a series of subsidy cuts since 2016 while expanding social protection programmes under IMF-backed agreements, including an $8 billion loan programme approved in 2024.
Source: Newstimehub
