International News
Egypt Freezes Fuel Prices For One Year After Fresh Hike Amid IMF Reforms
The Egyptian government has announced a one-year freeze on domestic fuel prices following another increase in petroleum product costs, as part of ongoing economic reforms supported by the International Monetary Fund (IMF).
In a statement on Friday, the Petroleum Ministry said prices of various fuel products were raised by between 10.5% and 12.9%, marking the second increase this year.
The government said the decision to freeze prices afterward was aimed at stabilising the economy and protecting citizens from further inflationary shocks.
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The latest adjustment, published in Egypt’s official gazette, reflects the government’s efforts to gradually reduce energy subsidies and bring domestic prices closer to global market levels.
Under the new rates, diesel prices used widely in transportation and agriculture rose by 2 Egyptian pounds, moving from 15.50 to 17.50 pounds per litre.
Prices for gasoline also climbed depending on grade:
- 80 octane increased to 17.75 pounds per litre,
- 92 octane rose to 19.25 pounds, and
- 95 octane reached 21 pounds per litre.
The government said it will continue to subsidize diesel, even if that requires raising prices of other fuels above cost, to balance fiscal demands.
Egypt’s fuel price reform comes as part of an $8 billion IMF loan programme, which requires Cairo to phase out fuel, electricity, and food subsidies while expanding social safety nets to protect low-income households.
In March, the IMF noted that Egypt remained committed to aligning domestic energy prices with real costs by December, a move seen as critical to reducing the country’s widening current account deficit.
According to the Central Bank of Egypt, the deficit stood at $2.2 billion in the second quarter of 2025, while oil product imports rose to $500 million, up from $400 million a year earlier.
The freeze, expected to last until late 2026, is part of a broader government effort to balance fiscal discipline with social stability amid high inflation and a depreciating local currency.
Officials hope the move will help restore confidence and contain further price volatility in the energy sector.
Exchange Rate: $1 = 47.55 Egyptian pounds
International News
DOJ Confirms Federal Criminal Investigation After Agents Raid Ilhan Omar’s Home
Federal agents raided the Washington, D.C., home of Democratic Congresswoman Ilhan Omar early Monday morning as part of an ongoing federal criminal investigation, the United States Department of Justice (DOJ) has confirmed.
Homeland Security Investigations agents arrived at the Minnesota congresswoman’s residence at about 6:00 a.m. Eastern Time, according to a report by Fox News.
SEE MORE: Trump Sparks Outrage With Shock Proposal to Rename New Mexico
The report said both the Department of Homeland Security (DHS) and the DOJ are involved in the investigation.
A DOJ spokesperson confirmed the operation, stating: “Today in the Washington, D.C. area, Homeland Security Investigations executed a judicially authorized search warrant secured by the Department of Justice.”
The spokesperson added: “This enforcement action is part of an ongoing federal criminal investigation.”
Details later……….
International News
Bangkok Underwater: Nearly 4,900 Evacuated as Floods Hit Thailand Capital
Heavy rains have triggered severe flooding across parts of Bangkok, Thailand, forcing nearly 4,900 residents to evacuate to shelters as floodwaters swept through roads and residential areas.
The flooding has disrupted movement across parts of the Thai capital, with motorists and pedestrians forced to navigate submerged roads and seek alternative routes.
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According to the Bangkok Metropolitan Administration, about 52,000 households have been affected by the flooding, prompting authorities to declare a flood disaster and intensify emergency response efforts.
Emergency teams have been deployed to assist affected communities and move residents from vulnerable areas to safer locations as water levels rise.
Bangkok is accustomed to seasonal heavy rainfall, but intense downpours can overwhelm drainage systems, particularly in low-lying areas, resulting in widespread flooding and disruption.
Authorities are continuing to monitor affected locations while coordinating evacuations and other emergency measures.
For thousands of residents, the immediate priority remains securing safe shelter and protecting homes and livelihoods as authorities work to manage the situation and restore normal activities once the floodwaters recede.
International News
‘They Are Dying’ — Trump Explains Why He Rejected Iran’s Hormuz Proposal
US President Donald Trump has explained his decision to reject Iran’s latest proposal to reopen the Strait of Hormuz, saying Tehran was seeking an agreement because it was losing revenue.
Speaking to reporters at the White House, Trump said Iran wanted to immediately reopen the strategically important waterway but argued that the proposal was not acceptable to his administration.
“They want to make a deal, and I think that’s fine. I like making a deal, too, but that deal would not be acceptable,” Trump said.
SEE ALSO: How the Strait of Hormuz Attack Could Trigger a Fresh Global Oil Shock
According to the US president, Iran’s push to reopen the strait was driven by the economic pressure it was facing.
“What they want to do is immediately open the Hormuz Strait. Do you know why? Because they are dying,” Trump said.
“You know why they’re dying? Because they have no money coming in, because they get their money from the Hormuz Strait.”
Trump also claimed that the US had established an unprecedented naval blockade against Iran, describing it as “a wall of steel.”
“So they outsmarted themselves. We put up the greatest blockade ever in military history. It’s a wall of steel,” he said.
“And guess what? They don’t have any money now because they wanted to close the strait.”
The Strait of Hormuz is a major global energy shipping route, and disruption to traffic through the waterway has significant implications for international oil markets and countries that depend on energy imports.
Trump’s remarks came amid continued tensions between Washington and Tehran over the reopening of the strategic waterway and negotiations involving Iran.






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