Cairo – Mubasher: Egypt’s fuel subsidies reached around EGP 43.5 billion ($2.42 billion) during the first half of fiscal year 2018/2019, the petroleum minister said.
The North African nation’s fuel subsidies have slumped by 14.7% in the first six months of FY18/19, versus EGP 51 billion in the corresponding period of the previous fiscal year, Reuters reported, citing Tarek El-Molla.
Earlier this month, El-Molla said that Egypt was planning to introduce an automatic price indexation mechanism on 95 octane gasoline as of 1 April in order to limit price changes to 10%.
It is worth noting that the government plans to spend around EGP 90 billion on fuel subsidies in FY18/19.
