Fuel subsidy bill jumps 46% to EGP38bn in 1H FY16/17 on currency weakness, Oil Minister says
Egypt's fuel subsidy bill jumped 46% to EGP38bn (USD2.11bn) in 1H FY16/17, the Minister of Oil Tarek El Molla said on Thursday, attributing the increase to the deprecation of the pound. Molla added that subsidies costing EGP24bn in 2Q FY16/17, compared to EGP14bn in 1Q FY16/17, before the flotation. (Reuters)
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