CAIRO — Egypt announced Saturday steep increases in fuel and cooking gas prices as part of the country’s economic reforms and austerity measures designed to overhaul the country’s ailing economy.

The new prices went into effect Saturday morning, the Ministry of Oil said in a statement.

Prices for cooking gas increased from 60 to 100 pounds (from $3.30 to $5.60) per cylinder for commercial use, a more than 60-percent increase. The price for home use rose from 30 to 50 pounds ($1.68 to $2.80) per cylinder.

Ninety-two octane gasoline increased from 5 pounds to 6.75 pounds (from 28 cents to 38 cents) per liter, or about a 34-percent increase. Eighty octane gas increased from 3.65 to 5.5 pounds (from 20 cents to 31 cents) per liter, nearly a 50 percent increase.

Ninety-five octane gasoline increased from 6.6 pounds to 7.75 pounds (from 37 cetns to 43 cents), or nearly 17.5 percent.

The authorities also raised transportation fares by up to 20 percent on Saturday, according to state-run news agency MENA.

This is the third time the government has increased fuel prices since austerity measures were announced late 2015. The move is likely to send prices soaring further.

The new hikes will save up to 50 billion pounds ($2.8 billion) from funds allocated for state subsidies in the country’s 2018-19 budget, Oil Minister Tarek el-Molla said.

Finance Minister Mohamed Maait said in a separate statement that slashing fuel subsidies was necessary to help bridge the country’s general budget deficit as oil prices continue to surge, topping $80 per barrel.