Wednesday, August 9, 2017

EGP float drives fuel subsidy spending up 135.3% y-o-y - ENTERPRISE

Wednesday, 9 August 2017

The EGP float has driven fuel subsidy costs up by 135.3% y-o-y, Oil Minister Tarek El Molla tells Reuters

Fuel subsidy costs increased to EGP 120 bn in FY 2016-17 from the EGP 51 bn spent in FY 2015-16. 

The government is projecting that spending on fuel subsidies will record EGP 110 bn in FY 2017-18.