Egypt’s spending on fuel subsidies dropped by about 69% year on year to EGP 7.25 billion ($451 million) in July-September, Petroleum Minister Tarek El-Molla said on Sunday.

Egypt’s spending on fuel subsidies stood at EGP 23.25 billion in same period in 2018.

Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform programme.