Egypt hikes fuel prices again

Egypt announced on Friday steep increases in fuel and cooking gas prices.

According to the petroleum ministry’s website, the following prices go into effect as of today, June 16:

1) Prices for cooking gas increased to 100 pounds from 60, over a 60 percent hike.

2) Ninety-two octane gasoline increased to 6.75 pounds per liter from 5 pounds, about a 34 percent increase.

3) Eighty octane increased to 5.5 pounds from 3.65, nearly a 50 percent increase per liter.

4) Diesel prices rose to 5.5 pounds a liter from 3.65 pounds.

This is the third round of fuel price hikes, which is part of the country's economic reforms and austerity measures. It aims to meet the requirements of the three-year $12 billion bailout loan from the International Monetary Fund (IMF), secured in 2016.