The Egyptian government announced in an official document that fuel imports cost $75 per barrel, Al Ahram Newspaper reported.

The government has a total cost of around EGP 103.798 billion, the difference between import costs and selling prices in the local market.

Egypt allocated EGP 89 billion for fuel subsidies in the budget of fiscal year (FY) 2018/19, compared to the EGP 120 billion allocated in FY 2017/18 budget in order to ease the budget deficit to be 8.4% of GDP.

The 2018/19 budget expects global oil prices to reach $67 billion per barrel, while the 2017/18 budget expected oil barrel global prices to be $55.

Brent oil was trading at $77.3 per barrel on May 31, 2018, according to Bloomberg.

Egypt plans to totally lift oil subsidies gradually over a five-year program in order to ease the budget deficit and to attract foreign investments.