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 finance minister Ahmed Kouchouk stated on July 26.

Egypt will raise natural gas prices for households and businesses by up to 75% from the beginning of August.