The Committee for Pricing Petroleum Products in Egypt announced Friday morning the adjustment of gasoline and diesel prices, citing alignment with global market trends.

The decision comes amid rising global oil prices, compounded by conflicts such as the Gaza war and the Russo-Ukrainian war.

A government source stated, "The prices of gasoline 80, 92, and 95 have increased by one Egyptian pound, resulting in a 10% increase in fares." Additionally, "Diesel prices have risen by 175 piasters, corresponding to a 15% increase in ticket prices, while gas cylinders have increased by one pound, leading to a 10% hike in fares."

Furthermore, there will be inspections at bakeries and public transportation lots, with fare adjustments scheduled for 3 a.m. The Minister of Development will oversee the implementation of these measures, in coordination with the Ministries of Petroleum, Supply, and Interior.

The decision by Egypt's Committee for Pricing Petroleum Products to adjust fuel prices reflects a proactive response to global market dynamics, ensuring alignment with international trends. While the increase may pose temporary challenges, it signifies a commitment to stability and sustainability in the long term.

By addressing fluctuations in oil prices and geopolitical tensions, the government aims to maintain economic resilience and ensure the efficient functioning of vital sectors.

This strategic approach underscores Egypt's determination to navigate challenges effectively and foster growth, ultimately contributing to the country's economic development and prosperity.