Petroleum product subsidies have been set at EGP 52.9 billion in the public budget for fiscal year (FY) 2019/20, decreasing by EGP 35 billion, around 39.8%, compared to the previous year.

The House of Representatives has approved the government-proposed draft budget for FY 2019/20, which is the biggest in the country’s history with an expenditure of EGP 1.6 trillion, according to a cabinet statement.

Meanwhile, electricity subsidies have been set at EGP 4 billion, with EGP 3.5 billion allocated for natural gas delivery, with total subsidies standing at EGP 149 billion, of which EGP 89 billion will be directed to basic commodities.

Fuel subsidies reached EGP 60.1 billion during the first nine months of FY 2018/19, and dropped by 19.1% to reach EGP 89.075 million in FY 2018/19, compared to EGP 110.148 million in FY 2017/18, as shown by the Ministry of Finance data.