Cairo – Mubasher: Egypt has no intention to lift fuel subsidies within three years, said Ministry of Petroleum official spokesman.
Ealier, news reports claimed that Egypt plans to to lift fuel subsidies within three years and is aiming to increase fuel prices to 65% of their actual cost during the 2016/17 fiscal year.
Egypt, which is struggling to revive its economy after an uprising in 2011, has been trying to cut its spending on subsidies which eat into its state budget.
In April, government officials said there was a plan to reduce spending on fuel subsidies by nearly 43% in the 2016/17 budget.
