Egypt raises fuel prices by 10% to 17%

Egypt has raised fuel by between 10% and 17%, according to an Egyptian government statement on Facebook it said that the decision was made to “reduce the gap between the selling prices of petroleum products and their high production and import costs.” However, it is widely seen as a measure more likely to have an impact on the cost of both goods and services. Egyptians have been grappling with rising inflation that included a previous 10% increase in fuel prices, a rise in subway fares and seeing the local currency slide against foreign currencies.