IMF Recommends Further Cuts of Fuel Subsidies

The International Monetary Fund (IMF) believes that gas subsidies benefit mainly the rich, advising the Egyptian government to allow fuel prices to change in line with costs.

Electricity Receives EGP 3 B from Subsidies Allocations

The Egyptian Ministry of Electricity and Renewable Energy received EGP 3 billion late December as a part of the amounts allocated for electricity subsidies.

Egypt Spent EGP 23.8 B on Fuel Subsidies in Q1 2017/2018

Egypt has spent total EGP 23.8 billion on subsiding different petroleum products in the first quarter of fiscal year (FY) 2017/2018, saving EGP 4 billion from the allocated EGP 27.7 billion in the FY's budget.

Abu Kir Fertilizer to Decrease Profitability

The recent Cabinet decision to cut fuel subsidies obliged Abu Kir Fertilizers Company to decrease the prices of its products, the company's Head stated.

Diesel Subsidies Reach EGP 150m Following Recent Hike

Diesel subsidies' cost reached around EGP 150m per day following the recent fuel price increase as every 1 litre of diesel is subsidised by EGP3.

Cabinet Explains Consequences of Fuel Price Increase

The government issued a number of social protection programs worth more than EGP 85b to protect low-income citizens from being negatively affected by the burdens of economic reform.

El Jarhi: Cutting Fuel Subsidies to Aid Lower Income Groups

Egyptian Minister of Finance, Amr El-Jarhi, stated that fuel and electricity subsidies are flawed and assured that moving the prices will aid in rebalancing the system

Fuel Prices Not to Increase for Industrial Sector

Fuel provided for the industry sector will not face any price increase, except for cement industry, according to EGPC's CEO.

El Molla: Smart Cards Do Not Affect Fuel Prices

The increase in benzene and diesel prices follows the Egyptian Cabinet's decision to cut fuel subsidies in order to ease the budget deficit.

Fuel Subsidies to Reach EGP 40b

Petroleum derivatives subsidies bill will reach around EGP 40b in the last quarter of 2016/2017.

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