Cairo – Mubasher: Egypt’s state budget is incurring EGP 89 billion to subsidise fuel prices, the cabinet’s spokesperson said.
The North African country covers nearly EGP 3 billion to EGP 4 billion of additional allocations as a result of the $1 hike per barrel in global oil prices, Nader Saad told Amr Adeen in a phone broadcast on MBC TV.
The Egyptian finance minister previously stated that the fuel subsidies rose by nearly EGP 1 billion during the first quarter of fiscal year 2018/2019.
The hike in oil prices did not have a remarkable impact on the Arab world's most populous country’s budget as it was expected.
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.
