March 10, New Delhi – Egypt increased domestic fuel prices by up to 30 percent on Tuesday, citing "exceptional" global energy pressures caused by the West Asia war, which has disrupted oil supplies and shipping routes.
The increases, announced by the petroleum ministry, apply to gasoline, diesel, and natural gas used in vehicles due to supply chain disruptions, higher risks, and rising shipping and insurance costs.
Oil prices briefly surged above $119 a barrel on Monday before plummeting to around $84 after US President Donald Trump said the US-Iran war would end soon.
Diesel, one of Egypt's most widely used fuels, rose by three Egyptian pounds, or about 17.1 percent, to 20.50 pounds per litre, up from 17.50 pounds. Natural gas used for vehicles saw the largest hike, jumping 30 percent to 13 pounds per cubic metre.