A source at EGPC told Egypt Oil & Gas that the local decline in the value of the dollar is a positive factor in ensuring that the amount allotted to energy subsidies in the state budget is not surpassed.
A government source informed Egypt Oil & Gas that the government has ruled out raising fuel prices, a decision that is in the hands of sovereign authorities and the Council of Ministers only. This is especially since ...
Egyptian Petroleum Minister, Tarek El Molla, said that cuts in fuel subsidies are quickly reducing Egypt’s budget deficit. The Financial Times reports that spending on fuel subsidies will be reduced from $9b in fisca ...
Tarek El Molla, Minister of Petroleum and Mineral Resources said that subsidies for petroleum derivatives in the first quarter of fiscal year 2015/2016 have reached EGP 15b, reported Egypt Oil & Gas.
During a press conference at the ministry of petroleum, Tarek El Molla, Minister of Petroleum and Mineral Resources, confirmed that there will be no decrease in subsidies of petroleum products, reported Egypt Oil & Gas.
In its “budget of citizen costs for the current fiscal year (2015-2016),” the Ministry of Finance announced that the subsidy bill for petroleum products this year was EGP 61.7b—compared to EGP 100.3b—during the last ...
Sources at the Petroleum Ministry revealed to Egypt Oil & Gas that the global price of oil reaching $48 a barrel will save the state nearly EGP 30b during the current fiscal year (FY) alone, as the government has set ...