Egypt has spent EGP 126.3bn on oil products subsidies during the fiscal year (FY) 2013/2014, according to a US Energy Information Administration (EIA) report on Egypt’s energy released in June.

The country, which is the largest non-OPEC oil producer in Africa and the second largest natural gas producer on the continent after Algeria, also spent EGP 13.3bn on electricity subsidies in FY 2013/2014.

As for FY 2014/2015, the Egyptian government cut oil products subsidies costs to EGP 70bn due to subsidy reform and the decrease in global crude oil prices since mid-2014. On the other hand, Egypt’s spending on electricity increased and is expected to cost EGP 27.4bn in the same FY, the report added.

Source: Daily News Egypt