Egypt increases fuel prices following depreciation of local currency

The Egyptian government has raised fuel prices in a move that is bound to exacerbate inflationary pressures on an already-struggling population. The new prices came into effect Friday morning. The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s invasion of Ukraine, and most recently, the Israel-Hamas war in Gaza. Houthi attacks on shipping routes in the Red Sea have slashed Suez Canal revenues, which are a major source of foreign currency for Egypt. The attacks forced traffic away from the canal and around the tip of Africa.