Egypt raised fuel prices Friday 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.

According to the new prices taking effect on Friday, the cost of a liter of diesel - which is heavily relied on for public transport - increased from 11.5 pounds (USD 0.23) to 13.50 pounds (USD 0.25), while the price of the 92-octane gasoline rose to 15.25 pounds (USD 0.31) from 13.75 pounds (USD 0.28).

The last fuel prices increase went into effect on July 25. There was a previous increase in March, when the government attributed the price hikes to the increasing costs of importing energy because of the depreciation of the local currency and the global surge in fuel prices amid the situation in the Red Sea.

Egypt reached a deal with the International Monetary Fund this spring to more than double the size of its bailout to USD 8 billion. The price hikes have been deemed necessary to meet conditions set by the IMF for further assistance to the country.