Cairo – Mubasher: Egypt’s fuel subsidy bill hiked by nearly EGP 1 billion during the first quarter of fiscal year 2018/2019, the finance minister said.
The hike in oil prices did not have a remarkable impact on the North African country’s budget as it was expected, Mohamed Maait told Enterprises on the sidelines of EFG Hermes conference.
The increase in fuel subsidies came below expectations due to lower consumption, mainly diesel, Maait highlighted.
He stressed that the government is still considering the activation of an agreement to hedge against risks of the increase in oil prices.
A government source revealed last week that Egypt’s fuel subsidy would surpass EGP 100 million in FY18/19 budget.
The increase in fuel subsidies is mainly driven by the hike in global oil prices, the source added.
