Fuel Subsidies to Reach EGP 40b
A source at the General Petroleum Company (GPC) told Al Mal News that the bills of petroleum derivatives subsidies are expected to reach between EGP 35b to EGP 40b in the last quarter of fiscal year 2016/2017.
Fuel subsidies in the third quarter of the current fiscal year 2016/2017 had surpassed the government’s total allocation for oil and petroleum subsidies during the full year 2016/2017.
The fuel subsidy bill for the period from January 2017 to March 2017 stood at almost EGP 40b, representing 51.2% of the total subsidies during the first nine months of the current fiscal year.
The source further pointed out that the total bill aimed to support petroleum derivatives by the end of the current fiscal year 2016/2017 exceeded EGP 110b.
Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, had previously declared that the bills for oil derivatives subsidy recorded EGP 78b during the first nine months of the current fiscal year 2016/2017.