Prime Minister Mostafa Madbouly revealed on Saturday that there will be no additional fuel price hikes until the end of 2025, provided global oil prices stabilize at an average of $73 per barrel. He made this announcement during a press conference inaugurating infrastructure projects in Minya governorate.
Madbouly confirmed that fuel prices will remain unchanged for the next six months, as the government strives to reduce the impact on citizens. He reiterated the government's commitment to supporting low and middle-income households despite the pressures.
CAIRO – 20 October 2024: The Prime Minister also mentioned that the Minister of Petroleum will address the recent fuel price increases in a press conference next Wednesday.
On Friday, the Ministry of Petroleum and Mineral Resources implemented the third fuel price increase of 2024, effective immediately, affecting various grades of octane and diesel. Diesel prices, crucial for transporting goods and passengers, rose from LE 11.5 to LE 13.5 per liter, marking a 17.3 percent hike.
These adjustments reflect significant increases since the beginning of the year, with diesel prices rising by 63 percent and octane prices by over 30 percent.
The global oil price surge, driven by the ongoing conflicts in the Middle East, Red Sea tensions, and the Russia-Ukraine war, has contributed to these changes.
Brent crude oil prices peaked at over $80 per barrel in early October before dropping to around $74 by mid-month.
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