Ministry of Petroleum Resolves Subsidy Debate

Ministry of Petroleum Resolves Subsidy Debate

The Egyptian Ministry of Petroleum’s official spokesperson, Hamdy Abdel Aziz, said in a press release that there have been no final decisions in regards to lifting energy subsidies within three years. He added that the country’s reform program, which started mid 2014, aims to gradually reduce fuel subsidies over the course of five years or more. Egypt’s subsidy reform efforts in the gas and oil market will help adjust pricing schemas, with the aim of ensuring affordability to all citizens.

The ministry’s announcement comes as reports surfaced that Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65% of their actual cost during the 2016/17 fiscal year, Reuters informed.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password