18. February 2020
View : (202)
The Egyptian government lowered spending on fuel subsidies by 67.2% year-on-year during the first half of fiscal year 2019/2020 in the latest round of fuel subsidy cuts, official data showed.
The North African nation spent EGP 9.87 billion on fuel subsidies during the six-month period ended 31 December 2019, down from EGP 30.16 billion in the year-ago period, according to a recent report released by the Ministry of Finance.
Quarter-on-quarter, spending on fuel subsidies plunged to EGP 2.87 billion during the second quarter of FY19/20, compared to EGP 7 billion, the semi-annual report indicated.
Previously, the Egyptian minister of petroleum Tarek El-Molla revealed that spending on fuel subsidies fell by 69% year on year to EGP 7.25 billion during the July-September period of 2019.