Egypt’s total cost of fuel subsidies has dropped by 42% to record low of EGP 26b in the first half of the current fiscal year, down from EGP 45b in the same period a year earlier, according to Ahram Online.

Fuel subsidies are forecasted at EGP 61b for the current fiscal year, which ends on 30th June, as opposed to EGP 100b during the fiscal year 2014/15, reported Zawya.

President Abdel Fattah El-Sisi said that over the last two years the country’s consumption of petroleum products cost EGP 384b ($49b), of which the Arab Gulf countries have contributed EGP 51b.
Egypt had started a fiscal reform program in the fiscal year 2014/15 aiming at raising new taxes including the property tax and cutting energy subsidies in order to balance out country’s growing budget deficit.