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.

The Egyptian government decided decreasing petroleum products subsidies by 42% in the budget plan of fiscal year (FY) 2019/20.

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.

The Ministry of Finance has canceled plans to purchase fuel hedging contracts from international financial institutions.

The Egyptian Ministry of Finance will calculcate the 2019/20 budget using a benchmark oil price of $80 per barrel.

Egyptian President Abdel Fattah El Sisi has revealed that petroleum minister Tarek El Molla requested increasing fuel subsidy allocations to $125 billion.

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.

Egypt will continue to cut energy subsidies in order to decrease government expenditure, petroleum minister Tarek El Molla has said.

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.

The Egyptian government announced in an official document that fuel imports cost $75 per barrel.