Nigeria’s state-owned oil company, Nigerian National Petroleum Corporation (NNPC), recorded a $14 million cost for fuel in June, months after it changed its pricing method in an effort to eliminate subsidies.
Petroleum product subsidies have been decreased by nearly 40% to EGP 52.9 billion in the public budget for fiscal year 2019/2020.
Fuel subsidies cost thus decreased by 28.45% compared to the EGP 84 billion paid in the first nine months of FY 2017/18.
Egypt’s fuel subsidy bill dropped by 19.1% to reach EGP 89.075 million in fiscal year FY 2018/19, compared to EGP 110.148 million in FY 2017/18, Egypt’s Financial Statement for FY 2018/19 revealed.
Egypt’s fuel subsidies costed around $2.42 billion in H1 FY 2018/19, down by 14.7% compared to the same period in FY 2017/18.
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.
Egypt will make further cuts to fuel and energy subsidies in mid-2019, a Fitch Solutions report predicted.
Egyptian President Abdel Fattah El Sisi has revealed that petroleum minister Tarek El Molla requested increasing fuel subsidy allocations to $125 billion.
The Egyptian budget deficit for fiscal year (FY) 2017/18 was 9.8% of gross domestic product (GDP), a decrease from 10.9% the previous year, achieving a primary fiscal surplus for the first time in 15 years, deputy ...
Egypt will raise natural gas prices for households and businesses by up to 75% from the beginning of August.
