The Egyptian government raised fuel prices at the pump by at least 30% on Tuesday, following the surge in oil prices on global markets. This increase is due to the blockade of the Strait of Hormuz caused by the crisis in the Middle East.
The price hike decided by Egyptian authorities affects gasoline, diesel, and natural gas. It comes after fuel subsidies were reduced four times in the last two years. Now, retailers fear the impact of the measure on their businesses.
"Prices are high because sellers use trucks to transport vegetables from wholesalers, which increases costs. Today, the cost of transporting vegetables has gone from 2,500 Egyptian pounds to 3,000-4,000 Egyptian pounds," explains El-Sayed Mohamed, a truck driver.
Inflation reached 13.4% last month, a figure well below the record 40% recorded in August 2024 at the height of the economic crisis in the country. The population fears a renewed inflationary trend.
"Prices have increased since yesterday; the price of a kilo of cucumbers has risen to 40 pounds [compared to 15-20 Egyptian pounds previously], as has that of tomatoes and other basic products," laments Nada Hamed, an Egyptian citizen.
The Egyptian government has warned those who might be tempted to take advantage of the situation that they could face trial in military courts. On Tuesday, authorities promised to redefine public spending priorities.
