Egypt hikes fuel prices by up to 22%

New prices came into effect Friday morning, according to Egypt’s official gazette.
Friday 05/07/2019
|Vehicles are being filled up with fuel by employees at a Mobil petrol station in Cairo, Egypt July 4, 2019. (Reuters)
|Vehicles are being filled up with fuel by employees at a Mobil petrol station in Cairo, Egypt July 4, 2019. (Reuters)

CAIRO - Egypt has hiked up fuel and cooking gas prices, in further austerity measures designed to overhaul the country’s ailing economy, but inflicting a heavy cost on the poor and the middle class.

New prices came into effect Friday morning, according to Egypt’s official gazette.

The price of ninety-two octane gasoline increased by about 18% — from 6.75 to 8 Egyptian pounds per liter. Eighty octane gas rose by nearly 22%, from 5.5 to 6.75 Egyptian pounds per liter.

Prices for cooking gas increased from 100 to 130 Egyptian pounds (from $6 to $7.87) per cylinder for household use.

In 2016, Egypt agreed to slash a range of energy subsidies in exchange for a $12 billion bailout from the International Monetary Fund.

(AP)