Fuel subsidy costs in Egypt reached EGP 60.1 billion during the first nine months of fiscal year (FY) 2018/19, Tarek El Molla, Minister of Petroleum, told Reuters.

Fuel subsidy costs thus decreased by 28.45% compared to the EGP 84 billion paid in the first nine months of FY 2017/18.

The estimated allocations for fuel subsidies in the FY 2018/19 budget plan are around EGP 89 billion, and the country aims to allocate EGP 52.9 billion for fuel subsidies in FY 2019/20.

Egypt’s fuel subsidy bills dropped by 19.1% to reach EGP 89.075 million in FY 2018/19, compared to EGP 110.148 million in FY 2017/18, Egypt’s Financial Statement for FY 2018/19 revealed, Egypt Oil & Gas previously reported.

The estimates are based on an average Brent price of $67 per barrel of oil, the statement further said.