French diesel prices have reached a fresh record, according to an analysis by AFP. The price per liter stood at 2.41 euros, or $2.76 dollars, at 10:30 am on Sunday. This new record comes as the Middle East war disrupts oil supplies globally. Many French citizens are struggling with record fuel prices at the pump. The French government is concerned about the potential for social unrest, recalling the yellow vest protests that began in 2018 against fuel price hikes.
The recent surge in fuel prices is linked to the renewed conflict in Yemen and attacks on Saudi Arabia's energy infrastructure. The United States and Israel launched their war against Iran in February, further exacerbating the situation. As a result, oil prices have soared, with international benchmark Brent crude remaining over $100 a barrel. Despite a slight decline in crude prices over the past three days, the impact on fuel prices at the pump has been significant.
According to AFP's analysis of prices displayed on the economy ministry's website, SP95-E10, the best-selling fuel in France, has been trading above its 2022 peak for over 10 days. On Sunday morning, the average price per liter for SP95-E10 was 2.17 euros, based on data from over 6,700 petrol stations. Similarly, SP98 exceeded an average of 2.28 euros, based on data from over 6,800 petrol stations.
The French government is taking steps to mitigate the impact of rising fuel prices on its citizens. However, the recent surge in prices has already started to fuel social tensions. The yellow vest protests, which began in 2018, were a response to fuel price hikes and resulted in widespread unrest. The government is keen to avoid a repeat of such protests.
The global energy landscape has been significantly impacted by the Middle East war. The conflict has disrupted oil supplies, leading to a surge in prices. The situation is being closely monitored by governments and industry experts, who are concerned about the potential for further price increases. The impact on the global economy is also a major concern.
Egypt is also feeling the effects of the global energy landscape. The country is targeting a 50% increase in living kidney donors, according to the Health Ministry. Additionally, Egypt has been elected as the vice-chair of the AACB North Africa region, ahead of its 2028 presidency. The country is also planning to outsource airport management to the private sector for 30 years.
In related news, Egypt is taking steps to increase its domestic gas output. The country aims to increase its domestic gas output by 330 million cubic feet per day before the end of the year. Egypt also targets 144% solar and 400% wind capacity growth by 2029. The country has approved continued oil and gas production from fields with expired contracts and has raised refinery utilization to 80% to cut petroleum imports.
Key points
- French diesel prices have reached a record high of 2.41 euros per liter.
- The surge in fuel prices is linked to the Middle East war and attacks on Saudi Arabia's energy infrastructure.
- Egypt is taking steps to increase its domestic gas output and diversify its energy mix.
