FUEL SUBSIDY spending dropped by 28.7% y-o-y in FY2015-16 to EGP 51 bn, “a greater decline than previously announced,” Oil Minister Tarek El Molla said. Earlier figures, according to Reuters, estimated spending on fuel subsidies to be closer to EGP 55 bn during the fiscal year. El Molla said Egypt’s government is planning to reduce fuel subsidy spending further still to EGP 35.04 bn in FY2016-17. The story gives no explanation for the drop, leaving us to presume that the majority of it came due to lower oil prices, particularly with oil in the USD 20s per barrel this past January and in the low USD 30s in February.