Egypt’s FinMin Plans Cancelling 90% of Petroleum Subsidiary over 4 Years

Egyptian Minister of Finance Hany Kadry revealed that the government is planning to cancel 90% from the four-year targeted subsidiary of petroleum products energy through setting regulations to transport petroleum products among governorates along with entering new types of alternative energies.

The Minister added in a keynote speech at Euromoney’s 19th Annual Conference Cairo on Tuesday that Cancellation of subsidiary does not mean that the prices will raise, noting that the government started activating smart cards to distribute petroleum  products.

Kadry explained that the government is trying to provide social welfare for the poor through applying monetary support in coordination with Social Solidarity and Supply Ministries.

Petroleum products subsidiary in the budget of the current fiscal year reached EGP100.3 billion and it reduced to EGP40 billion after the recent time.