Petroleum subsidy bill down 23% in FY15/16, EGPC chairman says
Petroleum subsidies fell 23% in FY15/16 to EGP55bn (USD6.27bn) from a targeted EGP61bn on lower global oil prices, Head of state oil company EGPC, Tarek al-Hadidi, said. The bill is down from EGPP71.5bn in 2014/15, and is budgeted to drop to cEGP35bn in FY16/17, which started on 1 July 2016. (Reuters)
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