Government considering all alternatives to rationalising fuel subsidies, Minister says
The government is actively considering all alternatives to rationalising fuel subsidies in the current fiscal year – including raising fuel prices, Minister of Petroleum Tarek Al Molla said. The petroleum subsidy bill has surpassed the allocation in 1QFY16/17 budget as Brent oil price continues to exceed the USD40/bbl budgeted price. The Minister’s comments come just a day after IMF Managing Director said Egypt is required to deliver on moves on the subsidy side in order to be granted ratification for a USD12bn loan. (Al Borsa)
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