ECONOMY

Egypt’s fuel subsidy bill drops by 69 pct year on year July-September: minister

A worker fills the tank of a car at a petrol station in Cairo. (File photo: Reuters)

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

Egypt’s spending on fuel subsidies stood at 23.25 billion pounds 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 program.
 

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Last Update: Sunday, 8 December 2019 KSA 12:54 - GMT 09:54
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