URGENT: Egypt raises fuel prices amid global energy market pressures

Egypt raised the prices of several petroleum products and vehicle fuel gas effective Tuesday at 3:00 a.m., citing exceptional conditions affecting global energy markets.

According to the statement by the Ministry of Petroleum:

• Gasoline 95 increased from 21 to 24 Egyptian pounds per litre.
• Gasoline 92 rose from 19.25 to 22.25 Egyptian pounds per litre.
• Gasoline 80 climbed from 17.75 to 20.75 Egyptian pounds per litre.
• Diesel prices increased from 17.5 to 20.5 Egyptian pounds per litre.
• Cooking gas cylinder prices rose from 225 to 275 Egyptian pounds for the 12.5 kg cylinder and from 450 to 550 Egyptian pounds for the 25 kg cylinder.
• Vehicle fuelling gas increased from 10 to 13 Egyptian pounds per cubic metre.

The adjustment comes amid geopolitical developments in the Middle East that have directly affected global energy markets, leading to a significant rise in import and domestic production costs. Disruptions in supply chains, higher risk levels, and increased maritime shipping and insurance costs have driven a sharp increase in global crude oil and petroleum product prices, reaching levels not seen for years.

The state continues efforts to strengthen domestic production and accelerate exploration and development of Egypt’s oil and gas resources by encouraging investment partners to expand their activities as part of efforts to reduce the import bill.

The government is closely monitoring market developments and costs. It is working to ensure the sustainable supply of petroleum products and gas to citizens and all sectors of the state. Moreover, it stresses that any exceptional measures are part of responsible management of current international challenges while maintaining energy security and domestic market stability.