Egypt increases fuel prices by 10% to 17%

CAIRO (AP) — Egypt has raised fuel prices by between 10% and 17%, a move likely to impact the cost of both goods and services. The Egyptian government said in a statement on Facebook that the decision was made in order to “reduce the gap between the selling prices of petroleum products and their high production and import costs.” Egyptians have been grappling with a soaring inflation as they navigate rising daily costs that reached another high over the summer that included a previous 10% increase in fuel prices, a hike in subway fares and the local currency sliding against foreign currencies.