Kuala Lumpur, – Egypt has raised domestic fuel prices by up to 17% as global energy markets face mounting pressure due to geopolitical tensions and rising oil costs.
According to Egypt’s Ministry of Petroleum and Mineral Resources, the price adjustment took effect early Tuesday as authorities respond to what they described as “exceptional conditions” affecting global energy markets.
The increase affects several major fuel types across the country. 95-octane gasoline rose to 24 Egyptian pounds per litre, up from 21 pounds, while 92-octane gasoline increased to 22.25 pounds from 19.25 pounds. Meanwhile, 80-octane gasoline climbed to 20.75 pounds, and diesel rose to 20.5 pounds per litre.
Prices for compressed natural gas used in vehicles also increased, reaching 13 Egyptian pounds per cubic metre, compared with the previous price of 10 pounds.
Officials said the adjustments were driven by geopolitical developments in West Asia, which have significantly increased global energy prices as well as shipping, insurance, and supply chain costs.
The government said it is working to increase domestic oil and gas production while expanding exploration projects to reduce reliance on imports and stabilize the country’s energy supply.
Egypt’s decision comes amid ongoing tensions involving the United States, Israel, and Iran, which have added uncertainty to global oil and gas markets and contributed to rising energy costs worldwide.
Analysts say the move highlights how geopolitical conflicts can quickly translate into higher energy prices, affecting transportation, food costs, and inflation across many economies.
