fuel subsidies | Egypt Oil & Gas - Part 4
Egypt to Reduce Fuel Subsidies
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt is studying every possible method including increasing prices in order to reduce fuel subsidy's expenditure in fiscal year 2 ...
Nigeria Spends $7b on Fuel Subsidies
Nigeria spent an estimated $35b as subsidy on petroleum products out of the $300b earned from crude oil over the course of 5 years since 2010. This amounts to approximately $7b annual expenditure on subsidies.
Ministry of Petroleum Resolves Subsidy Debate
The Egyptian Ministry of Petroleum’s official spokesperson, Hamdy Abdel Aziz, said in a press release that there have been no final decisions in regards to lifting energy subsidies within three years.
Egypt’s Fuel Subsidies Fell 23%
Egypt's spending on petroleum subsidies fell by 23% in 2015/16 to EGP 55b ($6.27b) from a targeted EGP 61b, Head of the Egyptian General Petroleum Corporation (EGPC),Tarek al-Hadidi said, citing a decline in global o ...
Saudi Arabia’s Oil Consumption Grows at Slow Pace
Oil consumption in Saudi Arabia, the world’s biggest crude exporter, is expanding at the slowest pace in at least six years as low energy prices hurt economic growth.
Kuwait Approves Petrol Price Hike
Kuwait has approved an increase in prices of gasoline sold locally by 42% to 83% depending on the grade in an attempt to align local rates with GCC averages.
Egypt: Fuel Prices Will Not Rise over IMF Loan
During negotiations with the IMF, the Egyptian government confirms that no changes will occur to current fuel prices and other reform efforts.
Kuwait Plans to Raise Gasoline Prices
Kuwait plans to raise the prices of gasoline to 73% by September in light of the oil price decline affecting the energy-rich Gulf state’s finances.
