Egypt hikes fuel prices by up to 22 percent

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.

Related Articles