Tarek El Molla, Minister of Petroleum and Mineral Resources said that subsidies for petroleum derivatives in the first quarter of fiscal year 2015/2016 have reached EGP 15b, reported Egypt Oil & Gas.

El Molla added that Egypt, which imports around 35% to 40% of its petroleum product needs, has benefited from the decline in international oil prices, and is expecting to save around EGP 5b during the current fiscal year.

Earlier this year, Egypt introduced LNG to its energy mix, aiming to deal with the nation’s ongoing gas shortages. The move has contributed to a decrease in the country’s consumption of crude and some of its derivatives.