Egypt cuts fuel subsidies by 45% in H1-20/21

Cairo – Mubasher: Egypt’s fuel subsidies decreased by 45% to EGP 8.4 billion during the first half (H1) of fiscal year 2020/2021, compared to EGP 15.25 billion in the year-ago period, Reuters reported on Thursday, citing the Minister of Petroleum and Mineral Resources, Tarek El-Molla, as saying.

The ministry targeted EGP 14.1 billion for fuel subsidies in the July-December period of 2020, he revealed.

For the full FY20/21, the country aims to slash fuel subsidies to EGP 28.193 billion, El-Molla added.

Mubasher Contribution Time: 04-Mar-2021 12:46 (GMT)
Mubasher Last Update Time: 04-Mar-2021 12:46 (GMT)