Egypt’s fuel subsidy spending doubled to $6.76 bln in FY 2016-17: minister

Egypt’s fuel subsidy spending was more than doubled, hitting 120 billion Egyptian pounds ($6.76 billion) for the 2016-17 financial year that ended in June from about 51 billion a year earlier, Minister of Petroleum Tarek el-Molla said Tuesday.

In June, Egypt hiked fuel prices by up to 50 percent as part of subsidy cuts in line with a $12 billion three-year International Monetary Fund loan programme it agreed last November.

Source: Reuters