A government source informed Egypt Oil & Gas that the government has ruled out raising fuel prices, a decision that is in the hands of sovereign authorities and the Council of Ministers only. This is especially since the smart cards has still not been universalized for all the petrol stations in the governorates, to insure that the entitled, low-income groups, receive subsidies earmarked for them.
The source explained that the continued decline in global oil prices has freed up between EGP2.5b to 3b a month. He added that the current government was continuing to implement its plans for the rationalization of energy subsidies within 5 years, reducing subsidies for petroleum products in the coming general budget.
He pointed out that smart cards have not had any quantities determined in accordance with the recommendations of the Council of Ministers. This is for the citizens eligible, reaching 5.2m for now, with the total number of licensed cars at traffic departments in all provinces is currently 6.4m.