FINANCIAL NEWS

Egypt’s fuel subsidy bill to surpass EGP110bn this year

08 May 2017

(MENAFN) The petroleum product subsidy bill surpassed EGP110bn due to the high price of Brent oil of well over USD40 percent barrel, which was the projected price in the budget.

The fuel subsidy grew above EGP110bn, from an estimated EGP35.04bn in the budget, as proclaimed Minister of Petroleum and Mineral.

Additionally, the state continues to restructure the petroleum subsidy scheme in order to receive support to its beneficiaries, next to growing spending on education, health and others.

Moreover, almost 50 percent of the subsidy bill is spent on offering diesel fuel to the regional market, because it is the most consumed in many sectors.

MENAFN0805201700450000ID1095459133

MENAFN0805201700450000ID1095459133

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