Egypt raises price of gasoline in latest hike amid inflation

CAIRO (AP) — Egypt has announced it’s raising prices of some types of gasoline, the latest hike to beset the cash-strapped Middle East country. Egypt’s petroleum ministry said the prices of regular, midgrade and premium gasoline mixes rose from between 0.75 to 1 Egyptian pound per liter. The hike was introduced on Thursday morning. The raise didn’t include diesel, the most commonly used fuel for transport of people and goods in Egypt. The country secured 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.