Egypt raised domestic fuel prices early Friday, with increases ranging from 2 to 3 Egyptian pounds per litre, but announced a full-year price freeze in an effort to stabilise the local market amid global economic uncertainty. The ministry of petroleum and mineral resources said the new prices took effect at 6:00 a.m. local time on October 17. The increases are as follows: * Gasoline 95: EGP 21.00 per litre (up from EGP 19.00) * Gasoline 92: EGP 19.25 per litre (up from EGP 17.25) * Gasoline 80: EGP 17.75 per litre (up from EGP 15.75) * Diesel: EGP 17.50 per litre (up from EGP 15.50) * Compressed natural gas (CNG) for vehicles: EGP 10.00 per cubic metre (up from EGP 7.00) The government said that despite the hike, fuel prices will remain fixed for at least one year, citing ongoing volatility in local, regional, and global energy markets. "The decision comes in response to developments across domestic, regional, and global markets," the ministry said in a statement, adding that the move aims to "narrow the gap between production costs and retail prices" while reducing Egypt's reliance on imported fuels. The move is part of a broader strategy to mitigate import costs and improve self-sufficiency. The petroleum sector will continue operating refineries at full capacity, repaying outstanding debts to international partners, and offering new incentive packages to boost production, the ministry added. Egypt has been grappling with inflation and currency pressures, and the fuel pricing decision reflects the government's attempt to balance fiscal sustainability with social stability. Attribution: Amwal Al Ghad English
