Cairo – Mubasher: Egypt's fuel consumption declined between 2% and 3% since the beginning of fiscal year 2017/2018, Egyptian finance minister Amr El-Garhy said during a press conference.
The minister attributed the decline in fuel consumption to higher prices, Reuters reported.
Egypt is expected to spend a range between EGP 110 billion and EGP 115 billion on fuel subsidies by the end of the current fiscal year, El-Garhy remarked.
On Wednesday, he said that slashing fuel and electricity subsidies is still under study.
On Tuesday, a government document has shown that Egypt plans to curtail fuel subsidies by 26% to EGP 89.075 billion ($5.05 billion) in FY18/19, compared to an estimated subsidy of EGP 120.926 billion in FY17/18.
The Egyptian cabinet had cut fuel subsidies and raised petroleum product prices in June 2017.
