Cairo – Mubasher: Egypt’s Minister of Petroleum Tariq Al-Molla stated Saturday that fuel subsidies stood at EGP 64 billion after liberalizing the Egyptian pound exchange rate.
The latest increase in petroleum products saved EGP 22 billion registered in the public budget’s subsidy provisions, the minister added in a phone call with a live television talk show, Hona Al'asema.
“In the current fiscal year, subsidies reached EGP 35 billion on EGP 9 exchange rate’s bar, while having hit EGP 51 billion in 2015/16”, Al-Molla added.
The government hiked fuel prices last Friday by 30-47% after adopting free flotation.
