Egypt’s budget for fuel subsidies has decreased by EGP 5b, reaching EGP 56b, in comparison to initial estimates of EGP 61b. The statement was made by Egyptian Petroleum minister, Tarek El Molla, during a luncheon at the American Chamber of Commerce, reported Daily News Egypt.

In the FY 2014/2015 budget, petroleum subsidies recorded EGP 76bn. A figure that has been declining due to the volatile state of the US Dollar and the ever-decreasing oil prices.

Egypt spent EGP 14b on petroleum subsidies in Q1 2015/2016 fiscal year, in comparison to EGP 18b of the same period in 2014/2015, according to Ahram Online.

Egypt Imports around 40% of its needs of petroleum products.