CAIRO, Mar 10 – Egypt has increased domestic fuel prices across several petroleum products as global energy markets face rising pressure from geopolitical tensions in the Middle East.
The country’s Egyptian Ministry of Petroleum and Mineral Resources announced the decision on Tuesday, citing extraordinary conditions in global energy markets driven by escalating regional conflict.
Officials said the move reflects the impact of geopolitical developments in the Middle East and their direct influence on international oil and gas prices.
The increases range between roughly 14% and 17% depending on the fuel type. Diesel, one of the most widely used fuels in Egypt, rose by 3 Egyptian pounds to 20.50 pounds per litre, up from 17.50 pounds.
Gasoline prices also increased across different grades. The price of 80-octane gasoline climbed to 20.75 pounds per litre, while 92-octane gasoline rose to 22.25 pounds. Premium 95-octane gasoline increased to 24 pounds per litre.
The adjustments mark the first fuel price increase in the country this year. The previous hike occurred in October, when prices were raised by between roughly 10.5% and 12.9%. At the time, authorities had indicated domestic fuel prices would remain unchanged for at least a year, citing uncertain economic conditions.
Earlier this month, Prime Minister Mostafa Madbouly warned that the government could adopt extraordinary measures if global fuel prices surged due to the ongoing conflict involving the United States and Israel against Iran.
Energy markets have been rattled by the conflict, which has disrupted shipping routes and energy infrastructure across the Gulf region. Attacks on ships and energy facilities have forced production interruptions in several Middle Eastern countries, including Qatar and Iraq.
Egypt’s fuel price adjustments also reflect broader economic reforms undertaken in recent years in cooperation with the International Monetary Fund.
The country first secured a $12 billion financial support programme from the IMF in 2016 as it sought to stabilise its economy following years of political and economic instability that followed the Arab Spring.
As part of those reforms, the IMF encouraged Egypt to gradually reduce subsidies on fuel, electricity and food while strengthening social protection programmes.
In March 2024, Egypt agreed to an expanded $8 billion financing arrangement with the IMF aimed at supporting further economic reforms and stabilising the country’s finances.
