The Ministry of Finance is cutting subsidies of petroleum products in the new draft budget project for fiscal year (FY) 2020/2021 by nearly 47%, according to a statistical report issued by the ministry of finance.

According to the data, Egypt is targeting to spend promoting the petroleum products at a cost of EGP 28.193 billion in the budget of 2020/2021 in comparison to EGP 52.963 billion in the budget of the current FY of 2020/2019.