Cairo – Mubasher: Egypt has spent around EGP 45 billion on fuel subsidies during the second half of 2018, the petroleum minister said.
The government spends around EGP 90 billion a year on oil subsidies, Tarek El-Molla added in a broadcast call to MBC Misr TV.
Subsidies on fuel will be entirely lifted by fiscal year 2019/2020, El-Molla highlighted.
He also said that an automatic price indexation mechanism on 95-octane gasoline will be introduced starting 1 April in order to limit price changes to 10%.
In June 2018, the Egyptian government had raised fuel prices by up to 50% under the International Monetary Fund (IMF) economic reform programme.
