Egypt raises fuel prices by up to 30%

The increases, announced by the petroleum ministry, apply to gasoline, diesel and natural gas used in vehicles.

In a statement, the ministry said the adjustments were driven by "disruptions in supply chains, rising risk levels and higher maritime shipping and insurance costs", which have pushed petroleum product prices to "levels not seen in years".

Oil prices briefly surged above $119 a barrel on Monday before plunging to around $84 after US President Donald Trump said the US-Israel war with Iran 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 ($0.38) per litre, up from 17.50 pounds.

Prices for 80-octane gasoline rose by about 16.9 percent, to 20.75 pounds per litre, while 92-octane gasoline increased by roughly 15.6 percent to 22.25 pounds.

Prices for 95-octane climbed by about 14.3 percent to 24 pounds, the ministry said.

Natural gas used for vehicles saw the largest hike, jumping 30 percent to 13 pounds per cubic metre.

Egypt has raised fuel prices four times over the past two years under an $8 billion loan programme from the International Monetary Fund, reports BSS. 

An October increase of up to 13 percent was expected to be the last under the plan.