Egypt raised gasoline prices by up to 50 percent, the oil ministry said on Saturday, as part of the countrys economic reforms and austerity measures. The ministry said the new prices will go into effect starting Saturday morning. Prices for cooking gas increased from 60 to 100 pounds (from $3.3 to $5.6) per cylinder, a more than 60 percent increase. Ninety-two octane gasoline increased from 5 pounds to 6.75 pounds per liter, or about a 34 percent increase. Eighty octane gas increased from 3.65 to 5.5 pounds, nearly a 50 percent increase per liter. This is the third time the government has increased fuel prices since austerity measures were announced. Oil Minister Tarek El Molla said the price rise will cut the funds allocated for fuel subsidies to 89 billion pounds from 139 billion pounds. "Moving fuel prices will help reduce petroleum products consumption by about 5 percent," Molla said. Egypt hopes that reforms such as tax hikes and subsidy cuts will lure back foreign investors.