Egypt: Fuel subsidy bill down 30%

EGYPT’S fuel subsidy bill for the first half of the current fiscal year fell by about 30 percent, the finance ministry said yesterday, as the country reaped the benefits of low global oil prices and last summer’s subsidy cuts. Egypt has struggled with soaring energy bills caused by high subsidies it provides on fuel for its population of 86 million. The subsidies have helped turn Egypt from a net energy exporter into a net importer over the last few years. Egypt spent 44.8 billion Egyptian pounds (R70.4bn) on fuel subsidies in the first half of the current fiscal year, down from 64.5 billion Egyptian pounds a year earlier, a statement from the finance ministry said. The figures are for the six months to December 31. – Reuters