A source at EGPC told Egypt Oil & Gas that the local decline in the value of the dollar is a positive factor in ensuring that the amount allotted to energy subsidies in the state budget is not surpassed.

Subsidies currently amounts to EGP 96b, with $1.1b allocated monthly to the import of petroleum derivatives, fulfilling the petroleum products needs of the citizens in all local markets in the governorates.

The source explained that the reduction of the dollar exchange rate by 20 pence will reduce the daily import bill for petroleum products, providing $200m a month for the state from the $ 1.1b. Egypt imports petroleum products worth $51m a day to meet the needs of citizens in all fuel stations in the governorates, compared to $60m last fiscal year.