Fuel Subsidy Bill Drops by 19.1% in FY 2018/19

Fuel Subsidy Bill Drops by 19.1% in FY 2018/19

Egypt’s fuel subsidy bill dropped by 19.1% to reach EGP 89.075 million in fiscal year FY 2018/19, compared to EGP 110.148 million in FY 2017/18, Egypt’s Financial Statement for FY 2018/19 revealed, Egypt Oil & Gas reports.

The estimates are based on an average Brent price of $67 per barrel of oil, the statement said.

The budget plan for FY 2018/19 aims to connect 1.3 million households to the national natural gas grid, which will decrease the fuel subsidies directed to butane cylinders.

Meanwhile, the electricity subsidy bill decreased by 46.7%, recording EGP 16 million during FY 2018/19, down from EGP 30 million in FY 2017/18.

Sarah Samir 2538 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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