CAIRO, June 18 (Xinhua) -- Peer-to-peer ride hailing company Uber increased Monday its fare prices in Egypt to compensate for the recent hike in local fuel prices.

"With events like the most recent fuel price increase a slight adjustment to our prices was made to ensure that your drivers continue to make a sustainable living whilst driving with Uber," the San Francisco-based company said in a statement.

Egypt on Saturday increased fuel prices by up to 66.6 percent to meet an International Monetary Fund (IMF) loan deal and push the implementation of economic reform plans.

It was the third time the government had increased fuel prices since austerity measures were announced late 2015.

For an average Uber X ride, the base fare has been raised from 6 Egyptian pounds (0.34 U.S. dollars) to 7 pounds, and the 1.85 pounds per km has been raised to 2.3.

As for the more luxurious Uber Select rides, the base fare is 10 pounds and the price per km is 2.9 pounds now.

"We believe in transparency when it comes to pricing and it matters to us that we remain the most affordable ride in town, with little impact on your wallet," according to Uber's statement.