Egypt Hikes Fuel Prices by Up to 30% Amid Regional Conflict and Economic Reform

The Egyptian Ministry of Petroleum and Mineral Resources has implemented a sharp increase in domestic fuel costs, citing “exceptional” international pressures.

Effective Tuesday, March 10, prices for gasoline, diesel, and vehicle-grade natural gas rose by as much as 30%. Government officials attributed the hike to the volatile geopolitical climate in the Middle East, which has inflated insurance premiums, disrupted maritime shipping routes, and strained global oil supplies.

While global crude prices recently peaked at $119 per barrel before stabilizing near $84, the internal adjustments in Egypt reflect ongoing domestic economic shifts.

Under the revised schedule, the cost of diesel—vital for transport and industry—rose 17.1% to 20.50 pounds per litre. Various grades of gasoline saw increases ranging from 14.3% to nearly 17%, while natural gas for vehicles experienced the most significant jump, rising by 30% to 13 pounds per cubic metre.

This latest move marks the fifth price adjustment in approximately two years.

Although a previous hike in October was intended to be the final one, the current surge is tied to broader economic reforms mandated by an $8 billion IMF loan agreement. The government maintains these steps are necessary to navigate a period of intense global supply chain instability and rising energy costs.