Egypt’s Ministry of Petroleum and Mineral Resources on Monday officially announced an adjustment to the prices of several petroleum products and natural gas for vehicles – effective Tuesday, March 10, at three AM.
Price adjustments:
95-octane: from LE 21 to LE 24 per liter 92-octane: from LE 19.25 to LE 22.25 per liter 80-octane gasoline: from LE 17.75 to LE 20.75 per liter Diesel: from LE 17.5 to LE 20.5 per liter Butane gas: from LE 225 to LE 275 for a 12.5 kg cylinder, and from LE 450 to LE 550 for a 25 kg cylinder Natural gas for vehicles: from LE 10 to LE 13 per cubic meter
An official ministry statement indicated explained that: “This comes in light of exceptional circumstances resulting from geopolitical developments in the Middle East and their direct impact on global energy markets, which have led to a significant increase in import and domestic production costs.”
“Disruptions in supply chains, increased risk levels, and higher shipping and insurance costs have resulted in a substantial surge in global crude oil and petroleum product prices, levels not seen in energy markets for years.”
In the face of these challenges, the statement added that Egypt continues its efforts to bolster domestic production and advance exploration and development of its oil and gas resources by encouraging investment partners to expand their activities, all while working to reduce the import bill.
The government is closely monitoring market developments and costs as part of its efforts to ensure a sustainable supply of petroleum products and gas to citizens and all sectors of the country, it added.
The statement also affirmed that any exceptional measures taken are done through responsible management of current international challenges, while maintaining energy security and the stability of the domestic market as a top priority.
Edited translation from Al-Masry Al-Youm
Egypt increases fuel prices amid ‘exceptional circumstances’ Egypt Independent.
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