Cairo - Mubasher: Egypt's government-distributed petroleum subsidies jumped 135.3% or EGP 69 billion to EGP 120 billion ($6.75 billion) in fiscal year 2017/2018 from EGP 51 billion in FY15/16 due to the liberalisation of the exchange rate, according to CNBC Arabia on Tuesday.
Egypt had previously raised the prices of various petroleum-based fuels twice in less than eight months; the latest of which was in June.
Petroleum subsidies are expected to amount to EGP 110 billion in the FY17/18 budget.
