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Tuesday, 9 October 2018

Fuel subsidy bill for 1Q2018-19 to increase EGP 10 bn

Fuel subsidy bill for 1Q2018-19 to increase EGP 10 bn: Egypt spent EGP 10 bn more than budgeted for the fuel subsidy program in 1Q2018-19 thanks to the rising price of oil, an Oil Ministry source said on Monday. Last week, sources told us that the government is expecting its fuel subsidy bill for FY2018-19 to jump to EGP 100 bn, up from an initial projection of EGP 89 bn, after Brent crude prices surged beyond the USD 80/bbl mark to reach a four-year high. The development is pushing the government to pursue once again a fuel hedge. The government is currently tallying up the indicators for the first quarter of the fiscal year, and we should be hearing something on that soon.

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