Thursday , June 8 2023

Egypt's fuel subsidy costs by 15%


Tariq Al Mulla, the Egyptian oil minister, said fuel subsidies amounted to 43.5 billion pounds ($ 2.42 billion) in 2018-2019.

Support of petroleum products declined to 14.7 per cent. Leak was worth $ 51 billion in the first six months of 2017-2018.

Oil subsidies estimated in the 2018-2019 budget are £ 90 billion.

Earlier this month, Egyptian Minister Benjamin Oktren 95 announced that the automatic pricing system will be available from April 1.

Analysts and financial institutions connecting the oil firms with affordable prices to the world's 95 oil companies are concerned with the reliable fuel economy.

The automatic pricing mechanism for petroleum products is "the most dangerous social decision that affects the lives of the Egyptians."

In June, Egypt's fuel prices rose to 17.5 percent. The three-year economic reform program has increased by 66.6 per cent. Each year the Liberalization Exchanges cuts on energy and water subsidies.

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