Government said to plan 47% electricity subsidy cut in FY17/18
The government is planning to cut electricity subsidy bill by 47% to EGP14.1bn in FY17/18, and will keep current prices steady this fiscal year despite higher fuel prices and EGP floatation, according to official sources. The state will not bear any additional burden either by extending subsidy years or supporting minor price stabilisation, sources added. Higher fuel prices and EGP floatation have added 40% to the production cost of KW unit to 90 piasters, an official at the Electricity Holding Company said. (Al Borsa)
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