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Egypt’s Fuel Subsidy Bill Falls – Official

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Egypt’s fuel subsidy bill fell to around 85 billion Egyptian pounds ($5.15 billion) in the 2018-2019 financial year which ended in June from 120.8 billion Egyptian pounds ($7.31 billion) a year prior, a senior petroleum ministry official told Reuters on Monday.

Egypt raised domestic fuel prices by as much as 50 per cent in June 2018 as part of an IMF-backed economic reform programme.

It also hiked prices again in July 2019 by up to 30 per cent.

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