Egypt's fuel subsidy bill falls to around $5.15 bln in FY 2018-2019: Senior official

Reuters , Monday 2 Sep 2019

Egypt’s fuel subsidy bill fell to around 85 bln Egyptian pounds ($5.15 bln) in the 2018-2019 financial year which ended in June, from 120.8 billion Egyptian pounds ($7.31 bln) a year prior, a senior petroleum ministry official told Reuters on Monday.

Egypt raised domestic fuel prices by as much as 50% in June 2018, as part of an IMF-backed econonic reform programme.

It also hiked prices again in July 2019 by up to 30%.

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