CAIRO, March 10 (Bernama-Xinhua) -- Egypt raised domestic fuel prices early Tuesday, citing exceptional conditions in global energy markets, the country's oil ministry said in a statement, reported Xinhua.
Prices increased by about 14 per cent to 17 per cent across key petroleum products, according to figures from the Ministry of Petroleum and Mineral Resources.
The price of 95-octane gasoline rose to 24 Egyptian pounds (US$0.45) per litre from 21 pounds, 92-octane gasoline to 22.25 pounds (US$0.42) from 19.25 pounds, 80-octane gasoline to 20.75 pounds (US$0.40) from 17.75 pounds, and diesel to 20.5 pounds (US$0.39) from 17.5 pounds, according to the statement.
Meanwhile, the price of compressed natural gas for vehicles increased to 13 pounds (US$0.25) per cubic metre from 10 pounds, the statement said.
The ministry said that the new prices took effect at 3.00 am local time (0100 GMT) on Tuesday.
It attributed the adjustments to "the exceptional situation resulting from geopolitical developments in West Asia and their direct impact on global energy markets," which it said has significantly raised import and domestic production costs.
Disruptions in supply chains, rising risk levels, and higher maritime shipping and insurance costs have driven a sharp surge in global crude oil and petroleum product prices, reaching levels not seen in years, the ministry added.
In response to these challenges, the government is continuing efforts to boost domestic production and expand oil and gas exploration to reduce Egypt's import bill, according to the statement.
It added that authorities are closely monitoring market developments and costs to ensure the sustainability of petroleum and gas supplies for citizens and all sectors of the state, while maintaining energy security and stability in the domestic market.
Egypt's domestic fuel price hikes come amid the ongoing conflict involving the United States, Israel and Iran, which has cast its shadow over the Gulf region and roiled global oil and gas markets.
-- BERNAMA-XINHUA
