Costs of Fuel Subsidies Range between EGP 110-115 Billion in Current FYSource: www.export-egypt.com 4/14/2018, Location: Africa |
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 Finance Minister Amr el Garhi said that costs of fuel subsidies for fiscal year 2017/2018 ranged between EGP 110-115 billion.
The minister pointed out that consumption of gasoline and diesel downed by a percentage that ranged between 2-3, compared with the past few years in which consumption rates of both products saw an increase that ranged between 4-5 percent. In a press conference on Thursday 12/04/2018, Garhi attributed the achievements made to the rationalized consumption that was accompanied by setting more suitable prices for fuel products, compared with the past years. Price of a petrol barrel is expected to stand at $67 in the new draft budget, Garhi noted, adding that this is the average oil price during the year, away from the current high price. The cost-savings that accompanied the subsidy cuts as part of the economic reform program paved the ground for the government to offer social programs that are aimed at improving the living standards of the citizens, Garhi said. |
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