Egypt announces steep fuel price increase as part of austerity measures

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Egypt's Ministry of Oil has announced steep increases in fuel and cooking gas prices as part of the country's economic reforms and austerity measures.

The ministry says the new prices will go into effect starting Saturday morning.

Prices for cooking gas increased from 60 to 100 pounds (from $3.3 to $5.6), which is a more than 60 percent increase.

Ninety-two octane gasoline increased from 5 pounds to 6.75 pounds per liter, or about a 34 percent increase. Eighty octane gas increased from 3.65 to 5.5 pounds, nearly a 50 percent increase per liter.

This is the third time the government has increased fuel prices since austerity measures were announced.

The steps were taken to qualify for a three-year $12 billion bailout loan from the International Monetary Fund, secured in 2016.

On the other hand, the Egyptian government has also decided to raise taxi fares by 10 to 20 percent, a cabinet statement said on Saturday, after a petroleum price hike by up to 50 percent.

The statement said that authorities were coordinating to ensure compliance with the new prices, which will be posted at taxi stands.