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Arab Finance: The Ministry of Petroleum and Mineral Resources has decided to adjust the prices of some petroleum products and compressed natural gas (CNG) for vehicles amid the recent exceptional conditions the global energy market faces, according to a statement.
This comes due to geopolitical developments in the Middle East region, which have affected shipping operations and global energy supply.
The new prices are effective as of Tuesday, March 10th, as follows:
- The 95-octane gasoline increased from EGP 21 to EGP 24 per liter.
- The 92-octane rose from EGP 19.25 to EGP 22.25 per liter.
- The 80-octane gasoline climbed from EGP 17.75 to EGP 20.75 per liter.
- The diesel jumped from EGP 17.5 to EGP 20.5 per liter.
- The CNG for vehicles increased from EGP 10 to EGP 13 per cubic meter.
- Butane gas rose from EGP 225 to EGP 275 per 12.5 kg cylinder and from EGP 450 to EGP 550 per 25 kg cylinder.
To address these challenges, the government will continue its efforts to boost local production and accelerate oil and gas exploration to develop, while encouraging investment partners to expand their operations to reduce the country’s import bill.
It is also closely monitoring market developments and costs to ensure the sustainable supply of petroleum products and gas to citizens and all sectors of the economy.
Following Iran’s drone attacks on US bases in the Gulf region, Israel suspended liquefied natural gas (LNG) exports to Egypt.
Right after these escalations, the ministry responded by taking several proactive steps to guarantee energy supplies for the regional market.
Addressing the escalating situation, Minister of Petroleum Karim Badawi on March 5th affirmed that Egypt would not be affected by the closure of the Strait of Hormuz and would continue to receive gas supplies via the Mediterranean Sea.
For the first time since July 2022, oil prices surpassed $100 a barrel on March 9th, driven by escalating tensions in the Middle East.
