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Egypt hikes fuel prices by up to 22 percent

Published: Updated:

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 percent - from 6.75 to 8 Egyptian pounds per liter. Eighty octane gas rose by nearly 22 percent, from 5.5 to 6.75 Egyptian pounds per liter.

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