ENERGY

Egypt’s fuel subsidy costs jump by 34 pct in first half of 2017-2018

Egypt’s fuel subsidy costs jumped by 34 percent in the first half of the 2017-18 fiscal year. (File photo: AFP)

Egypt’s fuel subsidy costs jumped by 34 percent in the first half of the 2017-18 fiscal year, the Egyptian oil minister said on Wednesday, rising to $2.9 billion (51 billion Egyptian pounds ) from 38 billion pounds.

“Fuel products subsidies have reached about 51 billion pounds in the first six months of the current fiscal year, but we are still 4 billion pounds s below allocated amounts for fuel subsidies in the 2017-18 budget,” Tarek El Molla told Reuters by telephone.

The government had budgeted an estimated 110 billion pounds for fuel subsidies in the 2017-18 budget.

The government has raised fuel prices twice in a period of eight months, most recently in June.

Egypt is trying to implement reforms that include using smart cards at gas stations and to use ration cards distribute subsidized cooking gas bottles to eligible households.

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Last Update: Wednesday, 7 February 2018 KSA 19:13 - GMT 16:13
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