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Egypt seeks to reduce oil product subsidies to 30 pct in next five years: PM

Reuters , Monday 14 Dec 2015
Sherif Ismail
File Photo: Egypt's Prime Minister Sherif Ismail (Reuters)
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Egypt seeks to reduce oil product subsidies to 30 percent over the next five years, Prime Minister Sherif Ismail said on Monday, reversing an earlier decision to fully eliminate the subsidies by that time.

"We respect the previous government's decisions and are committed to them, but there are changes we need to adhere to in the case of oil product subsidies, such as global energy prices and new discoveries among others," he said at a news conference.

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