Egypt seeks to reduce Oil product subsidies to 30 pct in 5 years

Egypt aims to reduce oil product subsidies to 30 percent over the next five years reversing an earlier decision to fully eliminate the subsidies by that time according to Prime Minister Sherif Ismail.

“We respect the previous government’s decisions and are committed to them, but there are changes we need to adhere to in the case of oil product subsidies, such as global energy prices and new discoveries among others,” he said at a news conference.

source: Reuters