Egyptian Minister of Petroleum, Tarek El Molla, announced on Saturday that fuel prices across the country will witness a sharp increase ranging from 17 to 65 percent, Sky News reported.

According to the minister the move will bring the national treasury an additional EGP 50 billion and curb fuel consumption by five percent.

This is the third time the government increases fuel prices since the government floated the pound currency in November 2016. The second increase was a year ago and also introduced a 50 percent hike.

The austerity measures are required in order to meet the terms of the USD 12 billion IMF deal which was adopted last year. The three-year program includes lifting subsidies and raising taxes among other measures.

The policies of President Abdel Fattah Al-Sisi have been receiving criticism over the past year. He was sworn in for a second term two weeks ago, days after many of his critics were arrested for voicing their dissent against a fare hike in the Cairo metro.

Below is the list of price hikes imposed on fuel:
Petrol 80 Octane: increased from EGP 3.65 per liter to become EGP 5.50 per liter, which is a 50 percent increase.

Petrol 92 Octane: increased from EGP 5.00 per liter to become EGP 6.75 per liter 35, which is a percent increase.

Petrol 95 Octane: increased from EGP 6.60 per liter to become EGP 7.75 per liter, which is over a 17 percent increase.

Diesel: prices increased from EGP 3.65 per liter to become EGP 5.50 per liter, which is an over 50 percent increase.

Prices for cooking gas increased from EGP 30 per cylinder to become EGP 50 per cylinder, which is over 65 percent increase, while gas for industrial had a matching percentage price hike from EGP 60 per cylinder to EGP 100 per cylinder.

Mazut prices for industries other than food production, electricity generation and cement were raised to EGP 3,500 per metric ton.