Petroleum Products Subsidies Fall by 46% in Q1 FY 2020/21

Petroleum Products Subsidies Fall by 46% in Q1 FY 2020/21

Petroleum products subsidies fell by about 46% during Q1 of the current fiscal year (FY) 2020/21, Minister of Petroleum and Mineral Resources, Tarek El Molla said according to the General Trade Union for Petroleum Workers.

El Molla stated that subsidy for petroleum products fell to EGP 3.9 billion from the allocated budget of EGP 7 billion in Q1 and compared to EGP 7.25 billion a year ago. The Ministry of Finance has initially aimed to cut petroleum subsidies by about 47% during FY 2020/21 and allocated EGP 28.2 billion to subsidize petroleum products.

 

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