Egypt increases fuel prices amid economic strains from Gaza conflict

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In October 2024, Egypt raised fuel prices by 10% to 17% due to escalating economic pressures fueled by the conflict in Gaza and global oil price volatility. Gasoline prices increased by one Egyptian pound, while diesel rose by 175 piasters, causing transportation costs to climb, which may further exacerbate inflation.

Egypt relies heavily on fuel imports, and with a depreciating currency, the government aims to cut subsidies to reduce fiscal burdens. Authorities have expanded welfare programs to mitigate the impact on low-income groups, while also promoting renewable energy investments to reduce future reliance on fossil fuels​.