Egypt’s petroleum products subsidy bill will reach 66 billion Egyptian pounds ($12.1 billion) by the end of the fiscal year 2009/10, the state news agency MENA said on Tuesday.

The subsidy bill reached 33 billion pounds from the beginning of July until the end of December, the agency quoted Oil Minister Sameh Fahmy as stating.

Fahmy said a national project was needed to liberalize petroleum prices and make subsidies reach only those who need them.