Egypt to Cut Petroleum Subsidies by 42% in FY 2019/20

Egypt to Cut Petroleum Subsidies by 42% in FY 2019/20

The Egyptian government decided to decrease petroleum subsidies by 42% in the budget plan for fiscal year (FY) 2019/20, sources told Al Borsa News.

Egypt allocated around EGP 52 billion in subsiding petroleum products, which will be mainly directed to subsidizing butane and a number of other products, the sources indicated.

Egypt directed around EGP 89 billion to subsidize petroleum products in the FY 2018/19 budget.

Egypt supplied around 15.6 million tons of petroleum products to cover local market demands, saving around 4.17 million tons, thanks to the energy subsidies reform program, as per the government’s performance semi-annual report, which was submitted by Prime Minister, Mostafa Madbouly, according to Al Mal News.

Sarah Samir 3287 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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