Egypt's Ministry of Petroleum raised the prices of a wide range of petroleum products on Tuesday. The increases, ranging from 14% to 17%, are the first of their kind this year and follow a similar hike last October. Egypt's Ministry of Petroleum announced an increase in the prices of several petroleum products and automotive gas, effective Tuesday, March 10, at 3 AM local time, amid the exceptional conditions prevailing in global energy markets. Under the new decision, the price of 95-octane gasoline rose from 21 to 24 Egyptian pounds per liter, 92-octane from 19.25 to 22.25 pounds, and 80-octane from 17.75 to 20.75 pounds. The price of diesel fuel was also raised from 17.5 to 20.5 pounds per liter. The increase also included household gas cylinders, with the price of a 12.5 kg propane cylinder rising from 225 to 275 pounds, and a 25 kg cylinder from 450 to 550 pounds. Additionally, the price of automotive gas increased from 10 to 13 pounds per cubic meter. The Egyptian government explained that the decision comes in light of geopolitical developments in the Middle East and their direct impact on global energy markets, which have led to a significant rise in the cost of imports and local production. Authorities added that disruptions in supply chains and rising costs of shipping and marine insurance have contributed to a surge in global oil and petroleum product prices to levels not seen by markets in years. The government confirmed it is working to boost local production, support exploration activities, and develop Egypt's oil and gas resources by encouraging investment partners to expand their operations, aiming to reduce the import bill. It stressed that it is closely monitoring market developments to ensure the sustainability of fuel and gas supplies for citizens and various state sectors, while maintaining energy security and market stability.
