Egypt’s fuel subsidy spending rose to $6.76 bln in FY 2016-17

Egypt’s fuel subsidy spending for the 2016-17 financial year that ended in June more than doubled, hitting 120 billion Egyptian pounds ($6.76 billion) from about 51 billion a year earlier, Minister of Petroleum Tarek El Molla said on Tuesday.

In June, Egypt hiked fuel prices by up to 50 percent as part of subsidy cuts in line with a $12 billion three-year International Monetary Fund loan programme it agreed last November.

($1 = 17.7500 Egyptian pounds)