THE rise in fuel prices in Egypt was met with anger and frustration by its citizens after the decision resulted in the soaring prices of food, beverages, and transportation costs.
The increase in fuel prices took effect on Friday last week.
The rising costs of basic commodities like food and diesel prices took place as Egypt’s annual urban consumer price inflation jumped to 35.7% in February.
The government said that importing energy has become expensive due to the declining value of the Egyptian pound and the sudden increase in global energy prices due to the tensions in the Red Sea.
The ongoing conflict in Ukraine and the post-pandemic economic recovery also contributed to the rising global oil prices.
Rising food prices and shortages in supply also raised concerns it could lead to fewer donations especially for lower-income people in Egypt during Ramadan.
