WEB DESK: Egypt increased fuel prices by around 12 percent on Friday, a step likely to drive up the costs of goods and services across the country. This is the second fuel price hike this year.
In a statement posted on Facebook, the Egyptian government gave no reason for the move but said fuel prices will remain fixed in the local market with no further increases for at least one year.
Egyptians have been grappling with soaring inflation as they navigate rising daily costs that reached another high last year. They included an increase in fuel prices, a hike in subway fares and a slide in the Egyptian pound against foreign currencies.
Fuel prices last increased in April, rising between 11 percent and 14 percent on various fuel products.
