Egypt announced a 12% increase in fuel prices on Friday, marking the second such hike this year. The decision, communicated via a government Facebook post, did not specify the rationale behind the move but assured citizens that fuel prices would remain unchanged for at least one year. This adjustment is expected to exacerbate the already high cost of living, as Egyptians continue to face escalating inflation and rising daily expenses. Last year, the country witnessed significant price surges in fuel, subway fares, and a depreciation of the Egyptian pound against foreign currencies. According to the Central Bank of Egypt, annual urban consumer price inflation stood at 11.7% in September, down from 12% in August and 13.9% in July. The latest fuel price adjustments include diesel, which rose from 15.50 pounds ($0.33) to 17.50 pounds ($0.37) per liter, and 92-octane gasoline, which increased from 17.25 pounds ($0.36) to 19.25 pounds ($0.40) per liter. The government emphasized its commitment to maintaining refinery operations at full capacity and incentivizing partners to boost production, reduce import costs, and stabilize prices. Earlier this year, the minimum monthly wage was raised to 7,000 pounds ($138) from 6,000 pounds ($118.58) to alleviate some economic pressures. Egypt’s economy has been severely impacted by years of austerity measures, the COVID-19 pandemic, the Ukraine conflict, and the Israel-Hamas war. Additionally, Houthi attacks on Red Sea shipping routes have significantly reduced Suez Canal revenues, a critical source of foreign currency. In response to these challenges, Egypt secured an $8 billion bailout from the IMF, with fuel price hikes deemed necessary to meet the fund’s conditions for further financial assistance.