Low oil prices likely to save Egypt EGP21 billion in fuel subsidies
The state’s budget is likely to enjoy EGP21 billion in savings as a result of lower oil prices, Deputy Head of state-owned oil company said, expecting the total fuel subsidy bill to reach EGP55 billion in FY2015/16. At an average oil price of USD40 per barrel, the state is no longer subsidizing 95-octane gasoline and fuel oil while it subsidises 92-octane gasoline (costs EGP3.40 per litre, while sold at EGP2.60), butane cylinder (costing EGP11 and sold at EGP8) and diesel (costing EGP3.30 per litre, while sold at EGP3.30). (Al Shorouk)
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