Published by
Al-Araby
Al-Araby
The Egyptian government increased fuel prices by nearly three percent on Friday, as global inflationary pressures spike in the wake of Russia’s war on Ukraine. The move is expected to exacerbate economic pressures on the country’s ailing middle class, which has been hit hard in recent years by austerity measures dictated by the government’s ambitious economic restructuring program. The new prices were announced on the cabinet’s Facebook page and came into effect Friday morning. The price of 95 octane gasoline increased to 9.75 Egyptian pounds ($0.53) per liter from 9.5. Meanwhile, the cost of …