Egypt’s oil subsidy cost drops 42% in six months- official

The cost of Egypt’s subsidy on oil has dropped by 42.2 percent to record 26 billion pounds (US$3.321 billion) in the first half of fiscal year 2015-16.

An official in petroleum ministry told Reuters Thursday that the cost of oil subsidy has recorded 45 billion pounds at the same period of fiscal year 2014-15, i.e. the decrease is estimated at 19 billion pounds.

Egypt targets the cost of subsidy on petroleum materials to reach 61 billion pounds during the current fiscal years opposed to around 100 billion pounds in FY 2014-15.