Egypt announces 10 to 17% rise in fuel prices

CAIRO, Egypt: Egypt announced a significant fuel price hike, raising rates by 10 percent to 17 percent, in a move expected to increase the cost of goods and services across the country.

The government said the decision was aimed at closing the gap between the selling prices of petroleum products and their rising production and import costs.

The new prices, which took effect immediately, include an increase in the cost of diesel, widely used in public transport, from 11.5 pounds (US$0.23) to 13.5 pounds ($0.25) per liter. The price of 92-octane gasoline also rose from 13.75 pounds ($0.28) to 15.25 pounds ($0.31) per liter.

This is the latest in a series of fuel price hikes, following increases in both July and March. The Egyptian government has attributed these rises to higher global energy costs and the depreciation of the local currency.

The fuel price hikes come as the country grapples with soaring inflation, which has driven up daily living costs for millions of Egyptians.

The global economic climate has exacerbated Egypt's economic challenges. Earlier this year, the country reached an agreement with the International Monetary Fund for an $8 billion bailout package. The fuel price increases are part of the conditions set by the IMF for further financial support.