Egypt has increased domestic fuel prices by between 14 per cent and 17 per cent, citing exceptional pressures in global energy markets, the country’s Ministry of Petroleum and Mineral Resources has said.

According to the ministry, the price of 95-octane gasoline rose from E£21 to E£24 (about $0.45) per litre.

Prices for 92-octane gasoline increased from E£19.25 to E£22.25, while 80-octane gasoline climbed from E£17.75 to E£20.75.

Diesel prices also rose from E£17.5 to E£20.5 per litre.

The government also raised the price of compressed natural gas for vehicles to E£13 per cubic metre from 10 pounds.

Officials said the new prices took effect at 03:00 local time on Tuesday.

The ministry attributed the increase to “exceptional conditions” stemming from geopolitical developments in the Middle East, which have driven up global energy prices and increased both import and domestic production costs.

Supply chain disruptions, higher geopolitical risk levels, and rising maritime shipping and insurance costs have pushed crude oil and petroleum product prices to levels not seen in years, the statement said.

Authorities added that the government was working to expand oil and gas exploration and boost domestic production to reduce the country’s import bill and strengthen energy security.

The fuel price hike came as tensions involving Iran, Israel and the United States continue to affect the wider Gulf region, contributing to volatility in global oil and gas markets.

(dpa/NAN)