Monday, 17th February 2020
The Gulf of Suez Petroleum Company (GUPCO) has approved a budget of around $543 million to achieve a production rate of around 77,000 barrels per day of crude oil (bbl/d) in Fiscal Year (FY) 2020\21, GUPCO Chairman, Mohamed El Meligy said.
Thursday, 28th March 2019
The Egyptian government decided decreasing petroleum products subsidies by 42% in the budget plan of fiscal year (FY) 2019/20.
Tuesday, 8th January 2019
Egypt has spent around EGP 45 billion on fuel subsidies during the first half of fiscal year (FY) 2018/19, Minister of Petroleum Tarek El Molla has said.
Monday, 10th December 2018
The Ministry of Finance has canceled plans to purchase fuel hedging contracts from international financial institutions.
Wednesday, 31st October 2018
The Egyptian Ministry of Finance will calculcate the 2019/20 budget using a benchmark oil price of $80 per barrel.
Sunday, 14th October 2018
Egyptian President Abdel Fattah El Sisi has revealed that petroleum minister Tarek El Molla requested increasing fuel subsidy allocations to $125 billion.
Thursday, 4th October 2018
Egypt's fuel subsidies bill could reach EGP 100 billion in fiscal year (FY) 2018/19 due to the recent surge in oil prices, according to a government source.
Wednesday, 3rd October 2018
Egypt will continue to cut energy subsidies in order to decrease government expenditure, petroleum minister Tarek El Molla has said.
Tuesday, 17th July 2018
The International Monetary Fund (IMF) has said that the recently-approved automatic fuel price mechanism will protect Egypt's budget from movements in the global oil markets.
Thursday, 31st May 2018
The Egyptian government announced in an official document that fuel imports cost $75 per barrel.