No fuel price hikes in Egypt until October 2026
The statement comes alongside updates on gas agreements and energy investments, reflecting the government’s focus on energy security and utilizing local and regional resources.
Egypt is committed to phasing out fuel subsidies under the current Extended Fund Facility (EFF) loan programme, which supports the second wave of economic and structural reforms with $8 billion in funding.
The programme plans to remove fossil fuel subsidies to address energy security concerns linked to volatile supplies. It aims for a gradual, transparent increase in retail fuel and electricity prices to prevent large untargeted subsidies and create fiscal space to enhance social support for vulnerable groups.
During an interview at the Sukari Gold Mine with journalist Ahmed Moussa on the programme On My Responsibility, aired on Sada Elbalad TV on Sunday, Badawi clarified that the 2019 gas agreement with Israel is a commercial deal involving American firm Chevron and several Egyptian and Israeli companies, not a political arrangement.
Badawi highlighted Egypt’s advanced infrastructure for liquefying gas, ensuring energy security.
He said about one billion cubic feet of gas flows through pipelines from Israeli fields, although this does not cover most of Egypt’s gas needs.
He noted that stability in gas supplies is maintained through regasification ships and additional pipelines linking Egypt to Israel and Cyprus.
The minister confirmed that the cheapest gas comes from local production, followed by pipeline imports and regasified gas.
He reassured that Egypt can rely on its domestic gas resources, stating that no external party can use gas to pressure the country.
Increased domestic gas production will help reduce import costs, Badawi said, noting that Egypt meets 72 percent of its gasoline needs and 55 percent of diesel requirements locally, with plans to source the remainder domestically in the future.
In addition, Badawi announced the opening of four new exploration areas in the Red Sea.
Italy's Eni plans to invest $8 billion over five years, while Emirati company ADNOC and BP will inject $3.5 billion into the Egyptian market, he stated.
He highlighted that most dues to foreign partners in the petroleum and gas sector have been settled, with partnerships contributing to increased investments.
Apache, an American company operating in Egypt for 30 years, will expand its gas investments in the Western Desert following recent price adjustments, the minister added.
With these initiatives, Egypt aims to strengthen its role as a key player in the regional energy market, Badawi concluded.