Egypt may gradually scrap subsidies on oil products by 2018, introducing coupons for gasoline and diesel as part of the phaseout, the independent newspaper Al Masry Al Youm reported, citing unidentified officials.

Among other proposals being considered is raising prices on higher-octane gasoline grades, with the subsidies ending before 2015, the newspaper said.

The government is scheduled to meet this month to discuss a proposal by the Egyptian General Petroleum Authority that aims to cut the fuel subsidy outlay to 108.9 billion Egyptian pounds ($18.2 billion) in the next fiscal year from current levels of 111 billion pounds, the Cairo-based daily reported today.

Source: Bloomeberg