Last Update 22:7
Tuesday, 12 November 2019

Egypt's fuel subsidies drop 42% in first half of fiscal year: Reuters

Ahram Online , Thursday 25 Feb 2016
Gas station (Reuters)
Gas station (Reuters)
Views: 1449
Views: 1449

Egypt's fuel subsidies fell 42 percent to EGP 26 billion in the first half of the current fiscal year, down from EGP 45 billion in the same period a year earlier, Reuters reported on Thursday citing an anonymous official.

Oil has lost around a third of its value in global markets since mid-2014 with crude brent hitting $34.1 a barrel on Thursday on abundant supply and slowing demand.

Egypt embarked on a fiscal reform programme in the fiscal year 2014/15 raising new taxes including the property tax and cutting energy subsidies to clench on a growing budget deficit.

Fuel subsidies are forecasted at EGP 61 billion for the current fiscal year ending on 30 June.

On Wednesday, President Abdel-Fattah El-Sisi said that over the last two years Egypt has consumed petroleum products at a cost of EGP 384 billion ($49 billion), of which the Arab Gulf countries have contributed EGP 51 billion. 



Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.