Oil Market Fluctuations Raise Concerns About Rising Fuel Prices in Egypt

The article addresses Egypt's concerns over the impact of global oil market fluctuations on fuel prices, especially as the price per barrel has risen to around $85 due to renewed tensions between the United States and Iran. Prime Minister Mustafa Madbouly explained that the government is working to contain the repercussions, emphasizing that continued escalation could lead to higher fuel prices, as the rise in global oil prices compels the government to increase fuel prices to avoid financial deficit and inflation. Notably, the government had already raised fuel prices between 14% and 30% in March. Experts and specialists predict that ongoing tensions may push the government to increase prices again, exacerbating the cost of living crisis and deepening citizens' hardships.

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