Egypt hikes fuel prices up to 30% amid Iran war, global oil surge

• Egypt raised domestic fuel prices by up to 30% starting Tuesday, marking the first hike of 2026.
• The increase is attributed to soaring global oil prices, geopolitical tensions, and supply disruptions linked to the ongoing Iran war.
• Petrol and diesel prices rose 14-17%, while CNG saw the steepest 30% jump; domestic gas cylinders increased by 22%.
• The government also announced electricity-saving measures and warned against price gouging, with traders facing military courts.
• This move aligns with Egypt's IMF-backed economic reform program to phase out energy subsidies, despite earlier indications of stable prices.