Egypt raises price of gasoline in latest hike amid inflation

CAIRO (AP) — Egypt has announced it is raising the price of some types of gasoline, the latest hike to beset the cash-strapped North African country. Egypt’s petroleum ministry said the price of three octanes of gasoline rose from between 0.75 to 1 Egyptian pound per liter. The hike was introduced Thursday morning, it said. The raise did not include diesel, the most commonly used fuel for transporting people and goods in Egypt. The country received a $3 billion bailout loan from the International Monetary Fund in December. In return, the government committed to various reforms, including a free-floating exchange rate and a reduction in fuel subsidies.