Madbouly defends fuel price hikes as proactive measure to sustain economy
Updated 3/10/2026 2:30:00 PMArab Finance: Prime Minister Mostafa Madbouly explained that the recently announced hikes in fuel prices are a proactive measure to ensure continuous operations of the Egyptian economy and production.
During the Cabinet’s meeting on March 10th, Madbouly noted that the increase came after the surge in global oil prices.
He elaborated that Egypt has reserves of petroleum products purchased at previous prices, and has future contracts linked to current high global prices.
The prime minister confirmed that the government still bears a large portion of the hike in petroleum product costs, and it had to raise fuel prices because maintaining them at their previous levels would have resulted in enormous losses for the state.
Madbouly also recalled remarks from October 2025 that the government has no intention to raise prices for a year. At that time, the price of a barrel of oil amounted to $61.3.
It is worth noting that the Ministry of Petroleum and Mineral Resources has decided to raise fuel prices by around EGP 3 per liter amid the recent exceptional conditions the global energy market faces due to geopolitical developments in the Middle East region.
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