Egypt’s fuel subsidy bill falls 69% in 2 months – minister

Egypt’s spending on fuel subsidies dropped by about 69 percent year on year to 7.25 billion Egyptian pounds ($451 million) during July-September 2019 period, Petroleum Minister Tarek el-Molla said on Sunday.

Egypt’s spending on fuel subsidies stood at 23.25 billion pounds during the same period in 2018.

Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform programme.

Source: Reuters