Khaberni - The Egyptian Ministry of Petroleum raised the prices of a wide range of petroleum products on Tuesday, in light of the ongoing regional suffering from the rise in global oil and gas prices and the halt of production in the Middle East due to the American-Israeli war on Iran.
The ministry said in a statement, "This comes in light of the exceptional situation resulting from the geopolitical developments in the Middle East and their direct impact on global energy markets."
This decision comes days after the Egyptian Prime Minister Mustafa Madbouly announced in a press conference held on March 3rd that the country might resort to "extraordinary measures" if global fuel prices rise significantly due to the war.
Global oil and gas prices continue to rise with the halt of energy exports from the Middle East due to the war, as Tehran launched attacks on ships and energy facilities, leading to the closure of navigation in the Gulf and the halt of production from Qatar to Iraq.
The increases, which range between 14 and 17 percent on a wide range of petroleum products, are the first of their kind this year, and come after a similar increase last October, which ranged between 10.5 and 12.9 percent. Egypt then announced its intention to freeze local fuel prices for at least a year, citing local, regional, and global developments.
Diesel prices, one of the most commonly used types of fuel in Egypt, increased by three pounds to 20.50 pounds ($0.3887) after it was 17.50 pounds.
Gasoline prices rose by up to 16.9 percent, depending on the type, with the price of gasoline 80 reaching 20.75 pounds, gasoline 92 rising to 22.25 pounds, and gasoline 95 to 24 pounds.
