Egypt raises price of widely used diesel, other fuel

CAIRO (AP) — Egypt is raising the price of its widely used diesel and other fuels, in a move expected to further drive up prices of other goods and services. The country, like others, is facing steep inflationary pressures in the wake of Russia’s war on Ukraine. In a statement, the country’s ministry of petroleum said the price increase of 7.4% would take effect immediately on diesel, which drives much of the country’s economy. Egypt is looking for help from the International Monetary Fund to continue with its reform program, meant to overhaul its economy that has relied on subsidies for decades.