CAIRO, March 10 — Egypt raised domestic fuel prices early today, citing exceptional conditions in global energy markets.
Xinhua reported that prices increased by about 14 per cent to 17 per cent across key petroleum products, according to figures from the Petroleum and Mineral Resources Ministry.
In a statement, it said that the price of 95-octane gasoline rose to 24 Egyptian pounds (RM1.83) per litre from 21 pounds (RM1.60), 92-octane gasoline to 22.25 pounds (RM1.70) from 19.25 pounds (RM1.47), 80-octane gasoline to 20.75 pounds (RM1.58) from 17.75 pounds (RM1.35), and diesel to 20.5 pounds (RM1.56) from 17.5 pounds (RM1.33).
Meanwhile, the price of compressed natural gas for vehicles increased to 13 pounds (RM0.99) per cubic metre from 10 pounds (RM0.76).
The ministry said that the new prices took effect at 3am local time (0100 GMT) today.
It attributed the adjustments to "the exceptional situation resulting from geopolitical developments in West Asia and their direct impact on global energy markets," which has significantly raised import and domestic production costs.
Disruptions in supply chains, rising risk levels, and higher maritime shipping and insurance costs have driven a sharp surge in global crude oil and petroleum product prices, reaching levels not seen in years.
In response to these challenges, the government is continuing efforts to boost domestic production and expand oil and gas exploration to reduce Egypt's import bill.
The ministry added that authorities are closely monitoring market developments and costs to ensure the sustainability of petroleum and gas supplies for citizens and all sectors of the state, while maintaining energy security and stability in the domestic market.
Egypt's domestic fuel price hikes come amid the ongoing conflict involving the United States, Israel, and Iran, which has cast its shadow over the Gulf region and roiled global oil and gas markets.
