Cairo – Mubasher: Egypt has slashed spending on fuel subsidies by 69% year on year during the first quarter of fiscal year 2019/2020, Reuters reported on Sunday, citing the Egyptian minister of petroleum Tarek El-Molla as saying.
The most populous Arab nation’s expenditures on fuel subsidies retreated to EGP 7.25 billion ($451.4 million) during the July-September period, compared to EGP 23.25 billion in the year-ago period, EL-Molla revealed.
The Egyptian government has allocated about EGP 52.9 billion for fuel subsidies for FY19/20, compared to EGP 89 billion a year earlier.
In July, the Egyptian government announced new hikes in fuel prices, raising the per litre prices of 95-Octane, 92-Octane, and 80-Octane fuel to EGP 9, EGP 8, and EGP 6.75, respectively.
In October, Egypt's Fuel Automatic Pricing Committee reduced gasoline prices in the local market by 25 piasters per litre.